00:00You got three deep questions in that.
00:03Are energy prices going to be lastingly higher and for how long?
00:07That's an open question and an important question.
00:11What does that mean for rates?
00:12As you know, I was, before there was the war, I was on the more optimistic side that there could
00:21be more than one, multiple rate cuts in 26.
00:24I just wanted some evidence that inflation was headed back down to 2%, that the tariff inflation was actually going
00:34to prove transitory.
00:36I think, I have a little concern to pile this on top of inflation before the other one went away.
00:47That's a dangerous, slippery spot to be in.
00:52And the longer this inflation disruption goes, the more likely it is, in my view, that the appropriate rate cutting
01:02would be put off.
01:04So I'm definitely going to say, if you go to the FOMC room, it's literally the biggest table that I
01:11have ever seen in my life.
01:13So I always say, everything can fit on that table.
01:17I'm not taking anything off the table, but it pushes it out the longer this goes.
01:22So I think we'll see you guys.
01:23Keep going, Jedis.
Comments