Officials say policy is data dependent when they do not want to promise the next move. The phrase is accurate as a description of process and empty as a forecast. I am tired of coverage that hears it as a hint.
Dependence on data means the next statement will be written after the next documents exist. It does not mean the documents will point in one direction, or that the committee will obey them. A strong payroll print has coincided with cuts, holds, and hikes, depending on the rest of the file and the year.