You Can Bear More, So Why Not Do It?

When rates are at zero, you've got no more tools in your tool belt if you have to stimulate the economy. If rates are at five, you can cut them back. So it's like go high when you can, knowing that if shit starts to break, you can then pull back because you have all this airspace below you. That is the calculus right now. You're not really putting the labor market at risk by jacking up rates. Not yet. And I just have to think, it's not a month of higher rates will crack the market. But six months of really high rates, a year ofreally high rates, you could... You just don't know yet.