jonathan: with me around the table is kathy jones, brian rehling, and in london, pilar gomez-bravo. nt to begin with what the ecb is pushing for, and the likelihood that we will get fiscal stimulus from europe? pilar: that is the big question, there is a lot more noise around germany finally loosening up the strings. we will have to wait to see if that really is the case. the latest noises have been that they are holding off for new stimulus, they have projects in place, infrastructure. it is true that if it goes into technical recession, which is probably likely, and maybe some of the manufacturing continues to worsen, then we believe germany will loosen the strings. that is a challenge for lagarde when she starts, playing the role with the main government in europe to make sure there is fiscal reasoning. jonathan: your performance this year has been solid, some decent gains. i know you're still pretty constructive on the periphery. i am wondering if that is still the case after what you heard this week? pilar: it is. if anything, we are more confident by having the periphery exposu

kathy jones, brian rehling, pilar gomez-bravo still with me. into next week, what are you looking for? the consensuswith with a 25 basis point cut, but we think forward guidance will be cautious again. that that will be reluctant to signal further rate cuts because the consensus does not appear to be there at the fomc to go forward aggressively with rate cuts from here. the recent data would not support that. jonathan: we get the summary of economic projections as well. with that, the obsession over the top on will continue. what to look for, and what do you expect? brian: i think there will be more dispersion in the dot plots because there is more diversity of opinion within the fed. they will cut a corner, but what is their guiding light? a year ago, the data was not that much different from where we are now, and we were a long way from neutral. now we are doing a midcycle adjustment. where are we? why are we doing what we are doing, and what will lead to next? the fed has not a good job of that in my opinion. actually makes this one a little