This is CBS I on the World with John Bachelor.

Here's John Bachelor.

Welcoming Elizabeth Peak, columnist at the Hill, Commissant at Fox News, to comment on the Federal

Reserve, the long promise reduction in the cost of money, sometimes called an interest rate cut. The expectation

is very obvious on Wall Street. The debate is not over, will there be a cut, it's how much of a cut.

A quarter point, half a point, more, how many more.

Liz, a very good evening to you.

Waiting is a joy when you're waiting for the Federal Reserve to move. I've learned over the

years don't expect much because the market's already pricing in whatever it thinks is

going to happen. Is that accurate or is that just an old urban legend?

Good evening to you, Liz.

Well, that's the old buy on the rumor, sell on the fact kind of thinking.

And I think there's some legitimacy to that I mean my gosh how many months have we talked about a

Fed rate cut determining the the future

course of the market whereas in fact the odds of the rate cut have

been determining every day's movement it seems to me for months. So what is the

thinking now? the thinking now?

The thinking now is that, you know,

that probably the Fed will move forward

the 25 basis point cut next week

because there is mounting evidence, almost irrefutable evidence now that the job market is slowing.

We had a very poor jobs report last week, not just that only 144,000 jobs were created, but that there was substantial,

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