Thank you very much Scott and welcome to The Exchange.
I'm Kelly Evans and we're less than an hour away from a rate cut decision.
Will it be one and done or more to come?
Our guests have some very different opinions about that.
With us this hour, Fun Straps, Tom Lee,
who says it's one and done, but it won't do a rail the rally.
Ironsides Berry Knapp is much more dovish, but with a major caveat.
Former CEH chair Jason Furman doesn't think the Fed should cut at all today.
V.C.
Lottoni says a cut is needed, but it could also add fuel to the AI debt boom,
and will hear in a CNBC exclusive from Blackstone's Jonathan Gray.
Plus, the creator of the SOM rule, economist Claudia Somm, says we do need an insurance cut today,
and she'll be here to explain why,
with stocks in a holding pattern until this decision you can see literally almost unchanged.
10 year looking a little better too at 416.
Let's get straight to Washington and Steve Leesman with the final walk up Steve.
Hey Kelly, the Fed at its final meeting of the year,
expected to cut rates for a third straight time, but signal a higher bar for future cuts.
And while the Fed meets the president,
they expect it to hold interviews to narrow down his choice to replace Fed Chair Jay Powell next year.