It certainly looks like they're going to do the 25 unless they want to surprise the market. And if they feel the market needs to be surprised, they could do 50. But there's no indication that we need the surprise tone just fine.The rate decisions are the least interesting of everything on Wednesday. There are three other things to look for. The first is the post-meeting statement.How many dissenters are there. How many members actually wanted a 50 basis point rate cut. And are there any dissenters that didn ...

I want to start with you on CPI today, the big day for data. First, are you buying these numbers because these are from BLS. Yes, I'm buying the numbers and I want to amplify a little bit.Would Romain said this wasn't a bad report or just an okay report is a very good report. Let me explain the quirk. The CPI came in at 2.7%, which seems significantly above target.But in fact, the Federal Reserve uses another gauge called the Personal Consumption Expenditures Index. We love the piece. That one runs to 2.2%, ...