I am open to another half-percentage-point rate cut if labor market shows unexpected weakness.

Baseline case is for an 'orderly' easing with inflation expected to continue slowing and job market to hold up.

I do not want to get overconfident on inflation given core personal consumption expenditures price index remains 2.7%.

Business contacts continue to say they do not expect layoffs.

I will be watching upcoming jobs data closely; if employment growth slows much below 100,000 jobs, it would warrant closer questioning of what is happening.