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The 4. 40 level, as we heard from five fed officials conveying the path down to 2 will be longer than expected, and it will be bumpy. Heres where that puts market probabilities right now. First cut expected in september. Well see if that changes after our live and exclusive interview. Steve liesman is standing by with the fed governor chris waller. Welcome to both of you. Steve . Kelly, thank you very much. I am here in washington with fed governor chris waller. Thank you for joining us. Thank you. By the way, i hear birthday wishes are in order. Thank you. Its not on the agenda. We have a lot to talk about, but thank you very much. Can we talk about the inflation dynamic as you see it . How was 2023 in terms of what has been called really the solid progress that was made on inflation differed so far from 2024, how is the dynamic going to work this year . I would say 2023, we really did see a lot of unwinding of supply side problems. We also saw a large surge in immigration that wasnt

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