Welcome to closing bell. I'm Scott Wapner, live today from the New York Stock Exchange.

The final Fed meeting of the year, officially in the books now, after another 25 basis point rate cut.

Most importantly today, the Fed did reduce the number of cuts it projects over the next year to an average of two cuts in 2025.

That's down from four previously.

Chair Powell saying pretty frankly that inflation has

underperformed their expectations since September, calling it the single biggest factor in today's

decision and its outlook. There was also a dissent today from Cleveland's Beth Hammock. Fed Chair Powell

saying during the news conference we just watched, as you heard, remains strong the labor market solid consumer spending resilient and given all of that

Chair Powell also said the Fed can be more cautious as they consider further moves.

Some are certainly going to read that as a pause is now coming.

Stocks well mostly higher ahead of the decision decidedly lower at this moment as you see. We are down by more than 1% higher ahead of the decision, decidedly lower at this moment.

As you see, we are down by more than 1% for all of the major averages.

NASDAQ is down by more than 2%.

Yields up the dollar, a very big spike there, and that remains a very big story that we will follow

over the remainder of the trade today.

For more, let's welcome in Double Line Capital CEO and CIO and founder Jeffrey Gunlock.

Welcome back on what's become a tradition, and I'm glad to have you, Jeffrey.

Good to be here, Scott.

Your reaction on what you just heard and what the Fed did?

Well, there's a lot more confusion now than there was a couple of months ago regarding the

future path, but the squaring of the two-year treasury yield and the Fed funds rate is now complete.

I talked several months ago about the Fed was behind the curve and needed to get aggressive in

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