The Fed meets tomorrow and Wednesday. Markets are pricing in a 97% chance they hold rates steady in the 3.5% to 3.75% range. They cut the last three times but are likely pausing to assess the data. It is a tricky setup because both unemployment and inflation are trending up. Powell has admitted they can't fix both at the same time. There is also tension between Powell and Trump. The DOJ opened an investigation into Powell regarding renovation costs, which he claims is political. Trump is looking for a replacement for when Powell's term ends in May. BlackRock executive Rick Rieder is the current favorite in betting markets to take the spot.