Are the Fed Meetings Going to Be Crucible?

The March meeting is going to be really important because that's where Chair Powell isn't going to be able to do what he did in the interview yesterday and kind of say, well, let's let the data take us where it ties. The FOMC will have to come out with their projections for the economy, inflation, and importantly, for that terminal policy rate, right now they have it 5 to 5.25. If you look at that jobs report, maybe if anything, it should be revised up. So we'll see where the core inflation data comes in. We think it will be a little bit stronger.