The Federal Reserve announces its interest rate decision today at 2:00 PM ET, followed by Chair Powell’s press conference at 2:30 PM ET. With no cuts expected from the markets in January, everyone is likely to focus on the presser and any hints about the 2026 policies. 2-3 cuts are expected this year, and the odds of cuts in January, March, and April remain quite low, according to FedWatch. Interestingly, analysts at JPMorgan currently expect no cuts in 2026. This might change as more inflation and labor data come out, unless another government shutdown stunts the Federal data collection again. The government reported CPI inflation for December unchanged at 2.7%, while the PCE for November (!) edged up to 2.8% Y/Y. Meanwhile, Truflation's independent inflation rate just hit 1.16% Y/Y today, showing broad cooling in January across multiple categories, especially housing. Do you think the Fed would cut more aggressively if it followed Truflation data?