I think the markets are waiting for that pivot where their end rate remains static (versus the end rate going up every fed meeting since last summer, as you mentioned). I think that’s the catalyst the markets are looking for (not 25 vs 50 bps, but more the messaging).

Their dot plot is projection and can change. If they project 5.1, and they leave it at 5%, nothing new or game changing. Plus if you look at past fed minutes from past years, there’s always doves and there’s always hawks…and depending on the environment, one has influence over the other…last year the hawks won…this year, the doves may

Plus look at the bond market and treasury yields to figure out where that market thinks fed funds rates will be.