JOSH LIPTON: All right, Alex, I want to bring you in here as well. What's your take, Alex, tomorrow? What are you expecting the Fed to do and say tomorrow, Alex? So you expect the same thing. Not a lot of fireworks?

ALEX MORRIS: Yeah, I'm hoping for no fireworks. Because we're always kind of hoping for that. But I agree.

I think we're going to see rates still heady, held steady. We're going to see the dot plot look pretty much the same. I wouldn't be surprised, though, if there were some outliers who pushed us to two cuts or someone who might even be looking at one, which I think might spook the market a little bit. But I think the odds of that are low and any response would be relatively muted.

JOSH LIPTON: Alex, just a quick follow up on there does it matter to you, Alex, when exactly they start cutting?

ALEX MORRIS: I think it matters less to me than it does to them. And that there be a regular program. And that's because what's about to happen in November.

The Fed, although it is by design outside of the political system, it is still highly politically aware. And it wants to have a program. I'd argue where it doesn't look like rates are being cut or halted. Cuts are halted as a result of the election or who might be leading the election at that point.

So I think from them, they want to have a clear message, as Brian said, aligned with the markets and a consistent narrative. So when cuts come, it doesn't look like it's designed to favor any one politician party or policy.

MADISON MILLS: So, Brian, we just heard Alex bring up the election conversation. Obviously, it seems like there's still somewhat uncertainty when it comes to when we could get these cuts, how many we could expect. How are you advising your clients when it comes to positioning their portfolio amid this Fed uncertainty?

So this looks like it's going to be the second longest plateau for the Fed funds rate that we've ever seen. The longest one was 15 months between the last Fed rate hike in the first Fed rate cut, that actually came in 2006, 2007. I think dare say the Fed probably wishes it would have cut a little bit sooner at that point.

So because this is so unusually long, what we're looking for really is any signs of a break in the economy as the economy is sort of going to wilt under the pressure of higher interest rates. Now, we don't know exactly where the neutral rate is. That's one potentially source of surprise that we could see tomorrow in the dot plot of a few FOMC members raise their estimate of where neutral is. That's effectively changing policy without actually changing rates.

But I think the concern that we have is that we're going to start to see further weakness in the labor market data before we get down to 2% on inflation, which seems like it's sort of a bogey for a lot of these FOMC members. And that means the Fed's going to have to really choose between, do we have to wait for inflation to get all the way down to 2%? Or do we try to forestall what looks like a coming weakness in the labor markets and in the broader economy.