The turn from hikes to cuts has already happened, notes Jeffrey Kleintop. He talks about how while investors await a signal from the Fed that rate cuts are coming, dozens of central banks have already started making cuts (including countries with rate hiking cycles that led major developed market central banks by 6-12 months: Brazil, Chile, Uruguay, Peru, Poland, and Hungary.) He discusses why global central banks may be nearing the end of hiking cycles. He looks at CPI year-over-year and the inflation target number of months since the CPI was in range. He then highlights German jobless claims and unemployment. Tune in to find out more about the stock market today.