tame

With the post-pandemic surge in inflation largely tamed, central banks have been able to lower interest rates to support growth and employment.

So far, Milei has shrunk the country’s bloated government bureaucracy and ruthlessly cut public spending, which has caused painful job losses but also tamed runaway inflation.

"The animal was troublesome at first, but in the end, it became tame and became one of the children," he said.

Russell’s base case is that with the softening labor market, service inflation should be relatively tame, allowing the Federal Reserve to look through near-term noise and continue with another rate cut this month.

"What I would want to avoid is rekindling inflationary pressure by moving too quickly and squandering the significant progress we have made taming inflation," he said.