Lawrence Nelson is with the majority of investors in believing a rate cut is coming today. He's looking ahead on the Fed's calendar and will be listening to what the central bank's thinking might be for the December meeting. Lawrence weighs in on the elevated inflation levels above their target, but notes the "tricky spot" for the Fed as labor markets cool. In terms of dissent among the Fed's decision, Lawrence believes newly appointed Stephen Miran will be the biggest proponent for a larger rate cut while Jeff Schmidt could maintain the current rate and oppose further cutting. Lawrence adds thoughts on the Fed's balance sheet plus the "tricky path ahead" for outgoing Fed Chair Jerome Powell and his fellow decisionmakers heading into 2026.