Is the Fed Going to Have a Step Down?

Elsa: Can you have a step down without the CPI confirming a deceleration and inflation in a much bigger way? Now we can all identify falling prices. And I've heard the pushback, and I'm sure I'm going to get it any minute now on my Bloomberg terminal. That message will light up. Elsa: If they are going to keep rates at 4.5% for a prolonged period of time, the dollar is going to maintain that yield advantage. So how much is the UK getting a reprieve from what Japan and China are doing to try to support their currencies?