ent ll take you there live, wh ibegins at half past the hour, but first, a quick break. stick with us. >>> welcome back to power lunch for the fed is leaving interest rates unchanged, as expected, and sticking with an earlier forecast of three rate cuts by the end of the year. here for his reaction is dennis lockhart. good to have you back with us. i don't see much in the statement or the action, which is a nonaction, to suggest that the fed is becoming more hawkish. i would like to get your reaction to that, but i do sense they are just becoming more patient, which is not necessarily a bad thing. >> i think your conclusion is correct. i would say, however, if you look at the dots plots, you do see some movement in the dots. there were, i think, four at four dots, four moves, and all but one have moved into the three category. the consensus is pretty tight around three moves this year, and i think that is a take away that the consensus has tightened. >> what about the big boost to the gdp forecast, 2.1% from 1.4%? what do you make of that, and is that sort of the fed set