The central bank just dropped its latest assessment, and here's what stands out: uncertainty about the economic outlook? Still running high. But what's really catching attention is their shift in tone—downside risks to employment are climbing. They're explicitly stating they're now monitoring both sides of their dual mandate with equal weight. Translation: the jobs picture is getting shakier, and they're balancing inflation concerns against potential labor market weakness. For markets sensitive to Fed positioning, this signals a more cautious stance ahead.