I thought Pow was getting pretty explicit about how talking about tightening was doing the job of actual tightening , so a couple 50 bps and wait and see is all we get -- anything more is going to require more (worse) data -- that's quite a pivot from the rumblings about 75-100 bps we were starting to hear.   Macro picture changing pretty rapidly too.  Now we can front run the disinflation data and the subsequent actual Powell pivot.  But we also "could" have done that months ago lol.  As you say, one level at a time :)