Here's why the Fed may not be there for much longer to bail out markets

Passing on this snippet from ING comments on the US data and the implications for the FOMC:

• US core CPI in the US rose to 2.2%YoY. The July PCE deflator and its core measure of inflation are released on August 30. The current core PCE inflation rate is 1.6%YoY, so assuming, as is often the case, that it tracks the broader movements of the CPI, then we should expect it to rise to 1.7% and, if rounding is unhelpful, 1.8%.
• This still leaves the Fed with some room to keep easing. But the low inflation excuse is certainly beginning to look less convincing. Any further rises, or some corroboration from labour wages, could undermine thoughts that the Fed will always be there to bail out markets.

Equities partied on Tuesday in response to the US tariff delay but useful words of caution from ING here.