00:00I think the big takeaway on the policy side was the removal of the balance of risk.
00:05From the labor market assessment he got asked that question I think the most interesting energy.
00:10Change was in the very first question where he very clearly laid out he wasn't going to address.
00:15The politics side and then got into the substance on the change of the balance of risks.
00:20I think from the economic perspective that was the most interesting thing in acknowledging that.
00:25They moved away from both sides of the inflation and the labor market.
00:30Tension that was there previously and that's an upgrade to the assessment.
00:35I think the near term you know implication is the bond market has the pricing right that.
00:40You know then in the next six months there's really no real movement towards a cut.
00:45Obviously it depends on the data and everything in terms of the expectations for the F1.
00:50AMC is going to be in the back half of the year.
00:52Jeff Rosenberg may be more important than the press card.
00:55That's going to be one of theworks.
00:56So there are other people in the好吧 market.
00:57So the Bronx is going to be going to have the right dinner Russians and theび
01:22the press conference, you just had to, like, listen for it. It's a point I've made often.
01:27You know, in these discussions that, you know, where is the surprise coming?
01:32It's coming from the consumption side. It's being supported by the wealth of
01:37fact and the wealth effect is being supported by all of those earnings and that a.
01:42I story. So, you know, we talk a lot about the macroeconomic perspective here.
01:47But it's really about the micro. And the micro is the A.I. and the technology story.
01:52The concentration. And it's flowing through from the micro to the macro through the.
01:57Wealth effect. And that was why most economists are under clubbing growth in 2020.
02:022025. It may be again the story in 2026. It's a little bit of the K shaped.
02:07economy story as well, because it's only a small portion that are benefiting. But that's.
02:12small portion overwhelmingly is influencing that consumption.
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