Headline and core inflation both dropped — September rate hike odds falling fast.

Core at 2.5% now. Fed's attention shifts to employment and wages, both signaling more disinflationary pressure ahead.

This matters for anyone deploying capital: lower rates = cheaper debt = better deal economics in private markets. Boring businesses with stable cash flows start looking even more attractive when cost of capital comes down.

Keep an eye on labor market softness. That's the real signal.