joining us now is meghan swiber, bryan whalen, and rob waldner.ecause you do see market pricing start to come down, that first fed rate cut expected as early as september, at least according to the market, at the same time you have that officials questioning that inflation is not out of the woods yet. why is the market getting ahead of the fed here? meghan: we heard two very important messages from both powell and the data this week. on powell, he is guiding the market toward the fact that is not looking at delivering hikes as long as inflation expectations are still well anchored. which is what we see across the way the market prices this. this morning what we did see was a moderating labor market. very important for the fed, also moderating average hourly earnings. it is the story of the fed taking rates from a place that is overly-restrict of to a level that sits more neutral now that we have seen this inflection point in the data. ed: with all of the whipsawing it is hard to be convinced by one week's moves. rob, if you had to explain concerns