00:00But Laurie, does the data suggest the Fed should be now done with cuts, political pressure from Donald Trump aside?
00:08It's interesting. And you played those clips from Jerome Powell.
00:12And he was, I think, more circumspect than he even usually is.
00:16But the message seems to be we're not pivoting yet.
00:20We're not yet thinking about higher rates, despite the fact that a growth forecast for the first quarter ranged between three and a half and five percent,
00:28which is pretty astounding growth. But he's saying we're not done yet, but we're waiting for more data.
00:35When I say not done yet, not done yet in cutting.
00:38So I think the feeling is at the moment we could see rates on hold for quite some time.
00:44That said, the data is a little volatile right now.
00:46The data is also a little unclear because of all of those problems with data collection during the government shutdown.
00:53So I think most governors are in a wait and see sort of circumstances.
00:58But certainly the next move, I think, is more likely to be down rather than up.
01:02But that could be quite a ways into the future.
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