Austan Goolsbee

The same thing.

I'm always like, don't say something now that in six months they're going to look back and be like, no, no, that's totally wrong.

I thought you promised this wasn't going to happen.

So don't speculate.

that everything's fine.

Try to stick with the facts and here's what's happened and here's what we're doing and here's what you can do.

So I think at a high level, they're similar, but on a content level, they're pretty different.

It's all of those.

It's all of those.

And it's important that we highlight, it's important that you highlight there are different audiences that the statements are made to.

For sure, the seriousness with which the market takes not just the words of the statement, but like the words of the minutes that come out when it says many people at the committee thought this or most people thought this.

You

Huge difference.

Work through the specific words.

There, it's about traditional market credibility.

And I'll give you just an example of why it does matter.

In the 1970s, when we had the inflation crisis before, the so-called inflation expectations, that is asking either individuals or professional forecasters,

What do you think the inflation rate will be five years from now?

That soared with actual inflation.

And the problem is if everybody assumes inflation is going to keep going this high, then it's that much more painful to try to get the inflation to come down.