Is the Fed Pricing in Cuts?

Jay Powell dismissed annualizing the month-over-month numbers and concluding that we were at 2.5%. He seemed to settle on 4% as their sense of the underlying inflation rate. Dennis, when we think about the market reaction, the fact that the bond market is pricing in cuts for later this year, I appreciate that the committee can't react and do a point counterpoint with the markets every meeting. But they must hate the fact that they're pricing in cuts, even though he said, listen, there's no expectation for cuts later this year. What would have been your communication strategy if you were in his shoes?