Nick Timiraos

And you're using whatever data you have, whether it's the higher quality government data or sort of the second and third tier private statistics or just anecdote.

You're using that to sort of gut check your hypothesis about what's happening in the economy.

The answer for December is really there's inertia built into these processes.

So once the Fed starts cutting, they need to see a reason to not cut.

And certainly the markets are expecting another rate cut in December.

So if that's not how the Fed sees it,

then Wednesday's press conference and the likely avalanche of Fed speak next week and after this meeting, that's where you would hear that the Fed just doesn't share the market's view right now about the need to keep cutting interest rates.

Thanks for having me.