Is the Fed Going to Reduce Rates?

So the assumption when you made your speech was that probably their Fed might even consider decreasing rates by the end of this year. And the markets no longer assume that. You think the markets are wrong? Well, so let me say these are all of these numbers that we're throwing around here are conditional on incoming data and what happens. So we never say this is what we think will happen. We make a tentative forecast and then we let the data come in. But I would tell you that with inflation headline, the PCE inflation is running about 5%. This is not 12 month basis. My guess is it will take certainly into not just this year, but next year to get down close