While it is a widely accepted assumption that the Federal Reserve has completed its rate hike cycle, the Fed has been very close to the chest regarding when it will initiate its first rate cut. It is almost a certainty that it will not occur tomorrow.

Today’s report by the Commerce Department came in just under the expectations of economists polled by Dow Jones. Economists were forecasting that the PCE for December would come in at 3% year-over-year.

Today, the Commerce Department released the fourth quarter GDP report. The report revealed that the United States economy has grown at a rate of 3.3% during Q4 last year.