The views of some FOMC members appear to be shifting to align with the position taken by the two dissenters, Governors Bowman and Waller, at last week's policy meeting. The massive revisions to the jobs data are, of course, the catalyst for this change. However, there's another noteworthy aspect: We're once again witnessing the limitations of this Federal Reserve's excessive data dependency, which has left it with virtually no strategic vision -- something that also contributed to the big 2021-22 ("transitory inflation") policy mistake. #economy #markets #federalreserve