The Federal Reserve concludes its two-day meeting on Wednesday. There is a 97% chance of a ¼% reduction in the fed funds rate to 1.50-1.75%, according to the CME group.

• The Fed is unlikely to upend expectations. Expect a rate cut.

It will be the third reduction since July. But is this the last cut in the cycle—three and done?

Here’s a surprising fact—Americans are saving more. Why is it so surprising? Because, for years we’ve heard that Americans don’t save enough. We’ve heard that the savings rate is too low. That is no longer the case. The shift is highlighted by the graphic below.

Housing has been in a mild recession over the last two years, with residential construction falling in eight of the last nine quarters (U.S. BEA data). New home sales and existing home sales have also been soft. But housing appears to be turning a corner.

Q3 earnings season unofficially began on Tuesday with a slew of big bank and big-name reports.

• The early read is favorable, as companies top low expectations.