In a few minutes, we will hear the Fed has left rates unchanged, but then in the Q&A session, we will try to find out when they will cut rates.

Let’s see how we came to this pivotal moment.  The wave of rare hikes that at one point saw a record string of 75 bps increases.

These moves took the Fed fund rate to 5.25- 5.50.

The goal was to quell inflation, but suddenly, higher inflation is becoming a central concern for everyone from households to global fund managers.

Meanwhile, Wall Street had already tempered its rate cut expectations – I’m not sure how much the stock rally could endure with further reductions in rate cut expectations.

Not only is the street modeling fewer rate cuts, but no landing is gaining speed. This could be good for the stock market, but it means no relief for consumers that desperately need a break.

No rate cut is expected, but the so-called Dot Plot will guide future assumptions.