Former Richmond Fed President Puts Odds of No Cuts at 40%. Welcome to Central Bank Central. I'm Kathleen Hayes. You know, we're barely a week past the Fed meeting next week, and already we're hearing Fed officials offering some very different opinions on where exactly rates are going this week, how far, or I should say this year, and how far and how fast. The Fed kept the three-cut rate expectation for 2024 in place at the meeting. But Austin Goolsbee today confirmed what a lot of people thought. He's definitely in the three-cut camp. He's president of the Chicago Fed. And Rafael Bostic, president of the Atlanta Fed, said Friday and today, Monday, that we may only see one cut this year, and that, in fact, not till late in the year. So I'm going to bring in a guest who can help sort this out for us and give us his views on what the Fed is telling us, why and where it's going. And that is Jeff Lacker. Jeff is former president of the Richmond Fed, and he is now a senior affiliated scholar at the Mercatus Center.