The analyst assesses the Fed's economic outlook, referring to a Fed Governor's statement citing potential labor market fragility and the need to adjust policy at a faster pace. It mentions the FOMC's view that July should have seen policy rate easing. The analyst points out using the term "fragility" signals new, potentially negative data regarding job statistics and emphasizes recent data points to recent data revealing a more fragile labor market. The Polymarket data indicate a 65% expectation for three 25 bps rate cuts which would result in two more from October onward. Analyst emphasizes silver having good movement.