The Fed and the Market

Melissa, I'm interested to see if your guys around the table there are buy-in or sell on the Fed here. Either they believe Jay Powell and trust him or they just simply don't believe him at all. My money right now is on the latter, as opposed to the former. The market had these cuts built in. Those cuts are out. Jeff Gumbach's either going to be right and we are going to get some lower prints that will remain low and give the Fed that convincing evidence they need or they won't. So it doesn't really boil down to being right or wrong. It's whether or not your forecast for inflation is right or wrong, I think