According to @KobeissiLetter, Fed Chair Jerome Powell said "Conditions in the labor market are cooling, and inflation remains somewhat elevated" on Dec 10, 2025, highlighting a mixed macro backdrop. Source: @KobeissiLetter. @KobeissiLetter characterized the comment as another way to say stagflation, pointing to slowing jobs momentum alongside sticky prices. Source: @KobeissiLetter. For trading, commonly watched gauges in this backdrop are Fed rate expectations on CME FedWatch, U.S. Treasury 2Y/10Y yields, ICE U.S. Dollar Index (DXY), and BTC, ETH futures basis and funding on CME and major crypto exchanges. Sources: CME Group; U.S. Department of the Treasury; ICE; CME Group; Binance, OKX, Coinbase public market data. For exact wording, traders should verify the official transcript on the Federal Reserve website. Source: Board of Governors of the Federal Reserve System.