·        Stocks stumbled after unemployment surged to 4.6%; the US may be heading for stagflation, despite AI hypes; Fed & US data credibility may be at stake ·        Trump may eventually appoint Waller rather than known loyalist Hassett or Warsh; otherwise, Fed independence and also USD credibility will be questionable ·        Powell & Co. changed their narrative in a matter of just a few weeks from inflation hawk to employment hawk On Wednesday, December 10, 2025, the focus of the market was on the FOMC meeting, the Fed’s policy decisions, and Chair Powell’s pressers. As highly expected, the Fed cuts all of its key policy rates by another 25 bps (following the September & October cuts). Fed cuts target range for the Federal Fund's Rate (FFR-interbank rate-SOFR) to 3.6% (median of 3.75-3.50%); primary credit rate (repo rate) 3.75%; IOER (reverse repo rate) 3.65%; overnig...