### Comment:
25 is baked in not 50.

### REPLY:
50 was last month before meeting, then it wasn't, now spy is all time high again and it's 25. How was 50 priced in before at almost a 100% lock, then got downgraded to a 25 bp cut locked in but markets went further up? Earnings this quarter has been about 50/50 so I don't know if that can explain it either. 
  
 I guess market goes up, market goes down,  some days it stays the same.

### END.