The Fed cut the Fed Funds rates three times from July to October last year. What is your take on the Feds decisions? To form your opinion, please collect information with regard to economic and financial market conditions and future outlook, including GDP growth, unemployment rate, business spending, consumer spending, industrial production, housing, and inflation. Does your assessment of economic and financial market conditions and future outlook differ from the Fed? You are allowed to have different opinions and you can present different opinions in the case write-up.