The Fed Whisper: Why They Need to Pause

The conditions that we need to see in place to get inflation down or coming into place and that would be growth meaningfully below trend it would be a labor market that's loosening. It would be good pipelines getting healthier and healthier and that kind of thing. The things are in place that we needto see but the process of that actually working on inflation is going to take some time. They pause because the market thought they were going to pause period.