Is There a Need to Cut Rates?

Jay Powell doesn't think that rates are going to go down immediately because in his and the Federal Reserve's and most mainstream base cases, we've reached the soft landing. But when we look at these markets, I already mentioned the German market, which is heavily inverted, unprecedented inversion. And it's a question of waiting until it's time for a rate cuts? I don't think Powell knows for sure. Even if he does have an idea, he's certainly not going to tell anybody in the public. The Fed is preparing for reaching its terminal rate, but then they want to make sure that everybody knows just because they might stop hiking after maybe the next meeting or maybe they're done