The central bank's latest assessment paints a mixed picture: economic expansion continues, though momentum appears subdued. Employment trends show a noticeable cooldown—hiring activity has decelerated while jobless rates tick upward. Perhaps most concerning for markets, price pressures have regained strength after earlier improvements, with inflation metrics climbing back to uncomfortable territory. This trifecta of slowing growth, weakening labor dynamics, and persistent price instability creates a tricky policy puzzle. Risk assets typically struggle in this environment as rate cut expectations clash with stubborn inflation readings.