Yesterday's hearing on Capitol Hill, the Fed chair did not say yes, but he also didn't say no.

And on that topic, Steve Weissman is at the table.

Good morning, Andrew Fisher jape our heads back to the hill today, where he's expected to repeat his comments at the economy.

It's in good shape and also his concern about the Corona virus.

We know there will be effects on China through there's some part of the first half of the year, and China's close neighbors and trade major trading partners in Europe as well as Asia.

And we know that there will be some very likely be some effects on the United States.

I think it's just too early to say.

Several Fed observers believe the Fed chairman was ever so gently pushing back against the market's pricing and of a Fed rate cut later this year when he said that current policies like remain appropriate and that future changes rely on quote a material re assessment of the outlook.

John Ryding over it, Green Capital said quote Powell.

Soft talk against a rate cut.

Yes, what markets didn't really hear all that.

They barely change their outlook for Fed rate cut 53% now.

Probability for July.

Going all the way up to 80% by December.

Maybe July's down a few points.

December's about unchanged.

Over at Oxford.

Economist heard confirmation of their outlook for a cut, saying Quote.

We maintain our call for one more quarter point rate cut in June.

Differences in the outlook seemed based, at least in part, on how much they expect the Corona virus to affect the U.

S economy.

I would just add this while the Fed will act during an election year.

That's not its preference.

It never is.

That means the case for a cut has to be very clear, and I would offer that it is not yet very clear.

Steve, I feel like you are here every day saying, Hey, people in the markets, investors, listen up.

All of these things that you're anticipating later this year may not happen from the I'm not sure it matters all that much just yet.

I mean, what concerns me is when the market gets way overextended, believing that a rate cut is coming and when I'm pretty sure it's not.

Then there's this sharp reckoning in that rate.

Cut is priced out into June, and it's a 50% probability it could just as well be many months.

A lot of folks sing.

I got a portfolio.

That's my You know, it's up to 30,000 on the Dow, whatever you wanted to call it, and I got a hedge against that.

And it's just some extent that rate cut serves a bit as a hedge if things should go south.

And so it's not like there's a rubber band is stretched very tense right now.

If we get closer, they're going on.

But I will tell you this.

We haven't heard a lot.

We heard power yesterday.

I would say very neutral daily.

Last week I was in San Francisco, she said.

I don't think there's a cut coming.