perhaps one of the most important Fed meetings of the year. and there were two major things I'm watching for. One, how many more rate cuts could we see, and two, will there be any dissents? On the first, we do expect a 25 basis point rate cut that is baked in by the markets. The question is, will we see one more rate cut for a total of two cuts this year, which would be similar to what we saw back in June, or could we see two more cuts pencilled in, which would make a total of three cuts this year. If we were to see the latter, that would signal to me that Fed officials are more concerned about the job market. Now rewind the clock back to June, and there were seven officials at that time who weren't in favor of any cuts this year, while eight officials favored two cuts. So it'll be interesting to see how those dots, which are the individual interest rate projections that each member of the FOMC pencils in, have changed and whether they are more concerned about the job market now than inflation.

Secondly, I am watching for dissents. Back in June, we saw two Fed governors dissent, the first time we've seen that in 30 years. Fed governors Chris Waller and Michelle Bowman. Today, I'm looking for whether Stephen Myron, the newest addition to the Fed who was just confirmed by the Senate on Monday night, will go along with a 25 basis point rate cut or whether he could dissent because he would be in favor of a larger cut. Also looking for whether Fed Governor Chris Waller could dissent because he reserved judgment for whether he would want to go more than 25 basis points depending on what the August jobs report turned in and how weak that was. On the flip side, I'm looking to see if any of the hawks will dissent, specifically Kansas City Fed president Jeff Schmid. Will he dissent in favor of holding rates steady? Back in August, he was of the mindset that perhaps any weakness in the job market was temporary and that if the Fed were to cut rates, that would ignite demand and therefore inflation. And of course, this meeting is unfolding during an extraordinary political moment for the Central Bank, as President Donald Trump has been trying to fill the Federal Reserve with members who were in favor of lower interest rates. President Trump tried to remove Fed Governor Lisa Cook ahead of today's meeting. A appeals court rejected that Monday night, and she is in attendance today. This meeting beginning, or this decision, I should say, coming down at 2:00 p.m. Eastern, followed by Fed Chair Powell's press conference at 2:30.

Back to you.

Ah, gonna be very interesting. Jennifer, thank you so much.