Claudia Sahm

Hmm.

Right.

Well, I think, you know, what we've seen in recent years, really going back to the pandemic, is we've had a whole series of supply shocks of different kinds.

And some of them have been very severe in the pandemic.

It had like echoes and it took, you know, several years to work its way through.

I think if you look at beef prices, that's another one where the supply chain for beef prices, it takes a long time to make more beef.

Right.

Like so it just once you have a disruption, it's a very long tail to it, say, as opposed to chickens, which have a shorter production cycle.

Like we're learning so much and reminding so much about the physical nature of production.

And so it's just one more supply shock.

And frankly, as kind of came up at the press conference with Powell, you know, we've kind of had to run a bad luck in terms of one supply shock, cost shock after another.

And that's kind of become the norm.

And that's what we got to be prepared for.

These shocks that do have sometimes some pretty long tails to them.

Right.

So there's we I think there's been a lot of discussion recently about, you know, what's a good payroll number, right?

Like what's this break even rate and discussions about, well, we've got a lot less labor supply out there.

Immigration really took a step down.

We've got an aging population.

And so what we've seen since the beginning of 2025, 40 percent of the months we've had a decline in payrolls.