as we record this program, chairman tell is including his remarks in zÃrich.nothing really new here. he declined to go beyond the following quote him act as appropriate to sustain the expansion. what are you looking from the federal reserve in the next couple of weeks? subadra: 25 basis points rate cut i think is all the market is pricing in and what we expect. for the most part, i would say that he is probably going to continue to say this is a midcycle adjustment, which is somewhat at odds with what the market is pricing in, which is for cuts between now and the middle of next year. i would be looking to see how they square the circle on market pricing, if or at the beginning of a rate cut cycle, or continuing to characterize this is a midcycle adjustment. jonathan: are we at the end of the cycle? greg: no, but the market continues to push the fed. there's all this rhetoric around from tweeting but really the markets are pushing the fed. that's what a worry about, each meeting is met with more priced in cuts. at some point, it doesn't wash away. i think the