we really appreciate your time today. >> richard bernstein with richard bernstein advisers. let's get to steve liesman with the headlines. >> kelly, yeah. patrick harker saying his fed base is one rate cut will be appropriate by year's end if the economy evolves as he has forecast. he goes on to say however, that two cuts or no cuts, they're both, quote, quite possible if the data break one way or another. he says high inflation remains his leading concern and the latest data has been quite promising. he welled come twelcomed the ma data, and he still lacks the cut rates or the inflation is headed back to the 2% target. the current policy, he says will continue to service well for a bit longer. so what's he doing? he's monitoring the data over the next several months to decide whether it is, quote, the right time to decrease the policy interest rate. so definitely a bias there to cut and just not necessarily able to do so now. he forecasts a long back to target for inflation and the economy has proven resilient to high interest rates. mon monetary policy he calls in restrict