Looks like the upcoming Fed statement might drop that "unemployment remained low" phrase they've been using. Makes sense when you consider the unemployment rate has climbed 32 basis points over the past three months.

The forward guidance section could see some adjustments too. Policymakers tend to recalibrate their language when labor data shifts like this - it's their way of acknowledging changing conditions without triggering market panic.

Anyone tracking these statements knows the Fed's word choices matter more than most realize. A small tweak in how they describe employment trends often signals bigger shifts in their thinking about rate decisions down the road.

The labor market cooling off isn't exactly shocking given how tight things were. But watching how they frame it in official language? That's where the real signal lies for positioning across all asset classes.