Welcome to Closing Bell, I'm Scott Wopner here at the New York Stock Exchange.

The first Fed meeting of the year officially in the books, along with the first news conference, of course, of Chair Jay Powell.

The question on everyone's mind going in, when will the first rate cut come? Clearly the chair was

non-committal on that he did say in his comments a few moments ago that it will

likely be appropriate to begin reducing rates sometime this year that the hiking cycle most likely

done the money line of the whole day seems to be that question he got about a

March cut in which chair Powell said quote probably not the most likely case. Well stocks

didn't like that at all. They sold off pretty quickly. That's pretty much where

they sit now. You can see we've got 1% plus declines for the S&P, the Nasdaq

and the Russell Dow has gone

negative by about two-thirds of 1 percent. Think the bottom line cuts in play

who knows when who knows how many that's probably just the way chair pal wants it to so on that note let's

bring in Jeffrey Gunlock he is the CEO CIO and co-founder of double line capital

joins us for our first Fed meeting of the year. Jeffrey, welcome back.

What's your assessment of what you just heard?

Well, you're right that the money line was, we're not cutting in March

as a base case.

And I think that that's going to be the case because we have an

inflation model I've talked about this at every every fed meeting and we knew that

inflation was going to come down, but for now we think there's going to be a stall in the inflation rate coming down.

And that will probably mean that the market isn't going to get the Goldilocks picture that it was

euphoric about a couple of weeks ago and that is that the Fed's cutting it's

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