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stocks rising about 30 minutes into our trading day. The NASDAQ leading the day up over 1% on the back of that GDP data showing the economy is growing at a faster clip than expected. Also the labor market appearing strong as well amid recent concerns. Jobless claims falling to their lowest level in four months. Joining us now for more, we've got Depak Puri. He is the chief investment officer for Deutsche Bank Private Bank Americas. And it's great to speak with you here. I just want to get a sense of what you think about today's data and the impact it could have on the degree of rate cuts to come forward. Do you think that this moves the needle at all?

Uh, most likely not, Madison. I think today's data is a welcome relief because one of the things this week that happened earlier was the consumer confidence which really plummeted for for current expectations. So I think today's labor market statistics in particular gives a little bit of a sigh of relief that the labor market conditions are not just, you know, falling off the cliff. There is some softness in the labor markets, definitely, and we're going to get more insight into that next week with the non-farm payroll data. But so far, so good. And I think one of the comments I would like to make is what the Fed is trying to do, and hence we saw that 50 basis point rate cut in September is really to avoid the most, you know, as consumption goes down with, let's say, softening of the labor markets. The Fed is trying to orchestrate a soft landing by making sure that the interest rate sensitive sectors of the economy, be it the housing or the manufacturing starts to, you know, go up so that before the consumption softens, there is enough momentum in those areas of the economy that can compensate for the softer, you know, consumption pattern that we might be seeing come fourth quarter of this year.

You know, Depak, that that is a very interesting point. And I guess for investors trying to figure out ultimately what this means for policy, obviously there certainly is a lot of uncertainty, but it sounds like from your points that you were just making, that this really then does bolster the case for just going 25 at the next meeting.

Indeed, because when you look at, and we're going to get core PC tomorrow, I think you're going to see a number of around 2.7% year over year. With the kind of labor market data, with the core PC where it's at, and the consumer confidence data that we saw earlier, I really don't feel that there's enough for the Fed to go for another 50 basis point rate cut. I think the bar is pretty high for another 50 basis points. We expect two 25 basis point rate cuts from now till the end of the year. Now, a lot can change if the JOLTS data and the non-farm payroll data come significantly weaker than what we are expecting right now. The expectation is really 140,000 job gains for the month of September. Let's say that comes below 100,000 and the unemployment rate and the underemployment rate goes up, you know, that might make bolster the case for a 50 basis point rate cut. But as things stand as of today, I think 25 basis point is a more base case scenario.