America Central Bankers are set to begin a two-day meeting on interest rates in a few minutes.

I'm David Brancaccio in New York.

Inflation has cooled some, but it's still warm with the Fed meeting economist David Kelly is chief

global strategist at JPMorgan Funds. Good morning. Good morning. All right we're not

waiting for an interest rate cut tomorrow maybe we're waiting for one we're not gonna

see one. No we're gonna for one, we're not going to see one.

No, we're going to have to wait a while here. The truth is the economy is just a little

hotter than the Fed expected and I think the Fed wants. So I don't think inflation is

really re-accelerating here, but it isn't showing any signs of falling,

so I think we'll have to wait quite some time here before the Federal Reserve cuts interest rates.

And some of this is not terrible news that we're not ready for interest rate cuts. It suggests the

underlying economy is still showing strength. That's right. I mean we will now

have gone 29 straight months with the unemployment rate at or below 4% come this Friday and that's the

longest stretch since the late 1960s.

The economy continues to grow and know the GDP number for the first quarter was a little low

but if you look beneath the

surface there's plenty of momentum there so the economy is growing unemployment's

low inflation is sticky but it's sticky at about 3% you know if we're sticky

at 6% we've got a problem. 3% is not a big deal.

So overall, I'd have to say the glass is more than half full right now and we'll just have to wait for

Federal reserve rate cuts.

And for American exceptionalists, the U.S. is doing quite well compared to our peers.

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