With markets convinced of a Fed rate cut, Powell must navigate divisions inside the FOMC over inflation, tariffs, and jobs data.

Lower rates can turbocharge an already surging stock market. However, risks on the economic front are becoming more apparent.

Weakening labour market and higher inflation has put Fed in a ‘difficult’ position even as economists expect a rate cut.

"The fact that the 30-year Treasury yield didn’t fall immediately is weird and worrying. It took very weak payrolls to finally do that."

While there is little doubt about the outcome of the Fed meeting, there are still questions over who exactly will be voting.

With markets convinced of a Fed rate cut, Powell must navigate divisions inside the FOMC over inflation, tariffs, and jobs data.

A 25 basis point cut is almost certain. A 50 point slash is unlikely, unless the "outies" of some Fed officials overpower their independent "innies."

Stephen Miran, Trump’s pick to join the Fed, dissented against the group, voting in favor of the stronger half-point cut.

While the rate decision is fairly pretty much in the bag, what happens from there is anybody's guess.