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Welcome to the Risk Reversal Podcast. I am Dan Nathan. That is Marco Colanovic.

Marco is the former chief market strategist at JPMorgan, friend of the pod, friend of mine,

friend of CNBC's Fast Money. Marco, welcome back to the podcast.

Thank you. You and I first met. It was

2015 on the set of fast money. Man, that goes quickly, doesn't it? Right? And at the time, I remember

you were introed as the man who moves markets. And we're going to talk a little bit about

just how you think about making a big market call. I remember thinking about it. You were not one of those guys. You were definitely very tactical. And you used a lot of different inputs. And there was a lot of derivative kind of stuff in there, too. So we're going to talk a little bit about your process since JPMorgan. You are a prolific tweeter. you can find him at Marco, M-A-R-K-O-I-N-N-Y. That is Marco. He is in New York

right here. We're going to talk about basically what the Fed said. There's a lot of, you know,

we only had one dissent. We know who that was at the last meeting. We got the first quarter

point cut since last September. We're going to give a sense or you'll give us a sense of what you think the rate cutting cycle might look like. There was some really interesting economic data today. We also have the SMP, which is down about 2% in the last couple days or last few days. And we're going to talk about some seasonality. Where do you want to

start? You want to talk with like a little bit the last week, a lot of Fed speak? Sure. Yeah.

Let's go there. So, you know, Fed was last week, but really there was a Jackson hole before

end of August where sort of market started assuming a series of rate cuts, you know, like so then basically market

...