The head of the New York Federal Reserve just flagged something crucial: November's inflation figures may have gotten artificially deflated by technical quirks. According to Williams' remarks, these seasonal adjustments and statistical anomalies pushed headline inflation lower than the actual underlying trend would suggest. Why does this matter? Because when inflation readings get distorted downward, it can mislead market expectations about future rate decisions. If the real inflationary pressure is stronger than the headline number shows, that changes the entire playbook for monetary policy ahead. For traders and investors tracking Fed sentiment, this distinction between reported data and "true" inflation dynamics is exactly the kind of nuance that moves markets.