Let's talk now about the setup for investors ahead of the Fed. Now Tim, we're going to start with you on this first. Sure.Markets at or near record highs. They've been on this trajectory pretty much without lumps since the liberation day, post liberation day, so-called liberation day lows. As we look out to the future and this Fed rate decision and the first quarter of next year, is that trajectory still higher.Is the path of least resistance up. >> You know, we have seasonal factors. First of all, great to ...

You want big, you want important, you want gamechanging, then you want next week. We're approaching the height of earning season and this time the earnings are more important than ever other than today's consumer price index reading which was benign. We have almost no macro data because this government shutdown and that's created a tremendous focus on individual companies.But at the moment when those companies keep putting up truly great numbers, those numbers and the relatively mild CPI report are why the ...

Let's bring in Gabriella Santos, chief market strategist for the Americas at JP Morgan Asset Management. You heard Waller there. I'm curious to get your thoughts.Is one going to give and which one. >> So, I think it's interesting that even Governor Waller, one of the most uh dovish members, is also repeating what we hear from other Fed members and we saw in the minutes released earlier this week, which is that this is really just a normalization of rates. this is not an accommodation of policy.Uh and I do t ...