Jonathan Ferro

Federal Reserve keeping rates unchanged.

If you are just tuning in, as expected, equities on the S&P 500 just a little bit lower, just off all-time highs on the S&P 500.

Two descents looking for a 25 basis point reduction, one from Governor Myron, another from Governor Waller.

Joining us now, a man who knows a little something about how this committee makes decisions, the former Fed Vice Chair, Richard Clarida.

Rich, welcome to the programme, sir.

What do you make of this decision and what are you looking for from the news conference in 25 minutes' time?

Richard, you identify a range impressively stable so far.

For you and the team at PIMCO, Rich, what's behind, what's the biggest pillar of that stability that we've seen over the past few months at the long end of the curve?

The credit spreads are very tight, and now the dollar's weakening.

And when you think about the dollar's influence on financial conditions more broadly, Torsten, what is the contribution that comes through the FX channel?

Foreign holdings of treasuries at the end of last year, close to the end of last year, record highs.

People hardly talk about that, do they?

If you are just tuning in, welcome to the program.

About 10 minutes ago, the Federal Reserve leaving interest rates unchanged.

Two votes for a 25 basis point reduction from Governor Waller and from Governor Meyer in a news conference with Chairman Powell in about 20 minutes time.

We've got the former Fed Vice Chair Richard Clarida standing by just for one more question.

Richard, I want to come to you on this, an important topic, because the chairman will be asked about this in a news conference.

I have no doubt of that.

A more confrontational.

a more assertive approach from the chairman a few weekends ago towards the White House.