[Deborah Marchini, Cnn Anchor:] Chris Wolfe is equity markets strategist for the J.P. Morgan Private Bank. He's our featured guest this morning. And he says there's a prospect, at least, that the Federal Reserve won't wait until its next meeting before cutting interest rates again. Why do you think so? Good morning.
[Chris Wolfe, Equity Markets Strategist, J.p. Morgan Private Bank:] Well, I think what you had yesterday was the 25-basis-point rate cut. What you saw was further bias towards weakness. And you had, in the statement, kind of wording leaving the door open for more cuts. Now, I think what it will take, though, to have a surprise cut is an amazing amount of bad economic data. So the possibility does exist. And I think to the extent you're looking at revisions to GDP, you're looking at retail sales, you're looking at some of the order numbers for June and July, because the next meeting is not until the end of August,...
[Marchini:] Do you...
[Wolfe:] ... that's going to be key.
[Marchini:] Do you agree with the assessment that the markets were disappointed because it was only a quarter point?
[Wolfe:] Well, I think you got three things there. You just didn't get the magnitude of the cut. And, fully, we had expected 50 basis points so getting 25, plus the bias, plus indications that, you know, "If we need more, we'll give it to you," which is a good thing.
[Marchini:] All right. Chris Wolfe, sit tight. We'll be back to you. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com