00:00So let's talk about the Fed because this December meeting it feels live. The pricing going back and forth here. And I wonder you know when you think about this Federal Reserve all the different cross currents coming the question of December the question of 2026. How do you feel right now. Well look like you said it's been going back and forth and let's take a step back. Last week there was about a 30 percent probability that the Fed was going to cut 25 basis points in December. Now there's 70. What does that tell you. It tells you that the market has no clue. It is 50 50. I don't
00:29care what the numbers say. It is 50 50. Look it's going to be a close call. I think 2026 though is going to be a better year to the extent that 2025 is the soft patch. This is when economic data was supposed to slow down. It did slow down. But it was masked by the fact that equities kept making new all time highs. But the data. It wasn't really that strong. But I do think that there is going to be a recovery in the data next year. And that's going to form the right side of the U and actually bring things a little bit better.
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