1. Temporal Inconsistencies at the Fed: The Fed’s decision to delay the beginning of the normalization of monetary policy of undermines confidence in when lift-off will actually take place. It is clear that many, like ourselves, thought September was a likely opportunity, have now pushed lift-off to December, largely skipping the October meeting due to its proximity and the absence of a scheduled press conference. In recent months, the FOMC has recognized that market-based measures of inflation expectations were soft but that survey-based measures were stable.