July’s 25 basis point (bps) increase was in response to monthly economic data eroding inflation too slowly for the Fed’s liking. There are challenges in our economy unforeseen a year ago, including ongoing strikes in LA with the Writer’s Guild and SAG/AFTRA actors union, and in Detroit with the UAW against the Big 3 U.S. automakers. Assuming more demands are met for these workforces — and others they affect over time in a chain reaction — before things go back to normal would also put upward pressure on inflation.