00:00They have to wait, don't they?
00:02I think that's part of it. I'm still gobsmacked by the Fed's decision.
00:07They're basically saying all of this going on in the Middle East is a speed bump,
00:13that, yeah, inflation will tick up, you know, three-tenths and two-tenths here and there,
00:19but the economy will accelerate, unemployment will stay stable, and it's off to the races.
00:25I just don't see that. I think there is a real impact to inflation and ultimately to the economy and
00:33the labour market.
00:33If you go out to December and look at where December is traded right now, we're close to 80.
00:38So we've gone from the 60s to close to 80s on the December contract,
00:41and the Federal Reserve has lifted the outlook for growth. What's driving that?
00:46I wonder how much momentum they think is in the economy, how much AI and data centre spending is going
00:54on.
00:55Were they surprised by the delta earnings and that, you know, sales are at a high despite higher energy prices?
01:02I think the reality is when you've had close to a 50% hike in energy prices,
01:07it's a tax on businesses and households, and they will respond by cutting back some of their consumption.
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