Nicole Lapin

So he's in these Fed funds rates decisions.

Here's what he had to say about what it's actually like.

So can you take us in the room where it happens, so to speak?

Did you get a time out or did you get in trouble?

What happened?

So now Warsh is in and the president is asking for one thing.

But the economy is signaling another.

Again, inflation came in at 3.8 percent and the Fed committee is divided.

In the last meeting, three members dissented against language signaling future cuts.

They wanted an option of a hike on the table.

And by the way, that level of internal dissent has not been seen in over three decades.

Now, I have a prediction.

But first, I want to give you a warning.

Markets get tense before Fed meetings.

Volatility in the S&P 500 reliably ticks up right ahead of the announcement.

Then the decision drops at 2 p.m.

Eastern time and the chair holds a press conference at 2.30.

That press conference is often more market moving than the rate decision itself because the market is always trying to read what happens next, not what just happened.

The historical trend is rate cuts send stocks up, rate hikes send them down.

But surprises are what create the real volatility here.