There's increased speculation that the Fed will be cutting interest rates between meetings.

Looking at the economy, there's been a lot of market chatter about the Federal Reserve cutting interest rates.

Every new Fed chair always raises interest rates at the first meeting. It's an ego thing. Beyond that, it's very hard to tell. Financial markets that trade on the rate changes are pricing in a 30 to 40 percent chance of a further increase.

It's not an environment to be seriously thinking about cutting interest rates. The economy is going through a soft landing, rather than a hard one. Inflationary pressures probably won't have much chance to dissipate.

There is some speculation the Fed is closer to halting its tightening cycle.

That could cause the Fed to raise rates faster.