00:00What do you think changed so much from the July meeting to today that caused a unanimous decision
00:05by all of the members, the voting members, to hike rates and potentially engage in a cycle,
00:10not just one and done? Well, the history is, Lisa, is that we typically don't see one and done.
00:18And so I think that's relevant. You can think about it. If we're targeting our target by more
00:24than 100 basis points, what is 25 basis points on rates going to do for that? So I think there's
00:29a credibility. That's very specific. Williams and Waller and others saying, look, we want to see
00:39progress. I think Williams put out their point two per month on core. And since then, we haven't got
00:44point two per month on on core, especially given where I think we're going to end up with the core
00:50reading later this month. And so I think they wanted to see that progress. I think Chris Waller said,
00:56give disinflation a chance and they hadn't seen it. So I think especially after Jackson Hole,
01:01it was important to to ratify that reaction function.
Comments