The Lag Effects of Monetary Policy

Inflation is coming down, but what about growth? And I think the narrative will now shift away from saying inflation looks better. We're still at a high level. But what about this idea that when we step on the brakes, you will see monetary policy having a negative impact on consumption,. That's exactly what we're seeing. You see same stall retail sales is coming down. You're seeing capex spending coming down. The four rates are going up, the liquidity rates are goingup. It is beginning to bite, as you're saying, Lee, and the background. So we will and should still expect to see over the next several quarters a continued slowdown. This is what the