Is There a Constraint in Inflation?

There seems to be a disconnect, as you mention, between what the market sees is a pivot. Pretty soon they're after and there seem to have been some pushback recently from fed speakers who were saying, no, we're goingt when we pause. And that's partly because the fad has changed directions fairly consistently. I meanin before the pandemic, i mean, it in the 20 19 repo scare,. It changed icies in the early in the late 20 18 scare, and then following that, to change policy. So that's what the market's also relying on.