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Piede to say that joining us on the phone is Stephen Stanley Amherst Pierpont, Chief

Economist Stephen good morning to you. Great to have you with us on the program.

Good morning. Big question for a lot of our audience, whether this is an insurance rate cut that is about to come down from Chairman Powell or the beginning of a rate-cutting cycle.

Stephen, what are your talent clients right now?

Well, I mean, obviously that depends on how the economy progresses, but I would say, you know, in my view,

it's more of an insurance cut I think the economy

has proven to be in considerably better shape today than that we thought at

the previous meeting in June when the Fed essentially decided that they were going to need to invoke a cut in July.

So, you know, I think it's premature to talk about whether there's going to be you know maybe one or two more

but I certainly don't envision this being a long series of cuts as you would expect if the

economy were falling into recession say.

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