Dan Ivascyn

So we do think that this is a Fed that,

would like to have the opportunity to get rates lower even before inflation makes meaningful progress towards their target.

But we don't think that's super different than Powell, other than your point in that we do think the Worsh Fed, from a philosophical perspective, wants to be a bit more rules-based, a bit clearer, or more

straightforward in their communication.

Yeah, yeah, yeah.

It'll be interesting.

Well, yeah.

And it depends on market practitioner.

Nobody's listening.

Yeah, I know.

But I mean, I think there's a market's view.

And all too often, I think this is what's good for markets.

is not so good for segments of the economy.

And those tend to be the lower income cohort groups, which is a challenge we saw with globalization.

On paper, it made a lot of sense.

It probably did lead to higher global growth, but it also created instability for those that have the least economic flexibility.

And we're still dealing with this today.

So our general view, despite the uncertainty, is that AI could lead to some inflationary noise the next few years as you go out there to find materials to build this stuff and to power this stuff.

Over the next several years, though, we do think that AI could be a game changer on the productivity side, bring the costs for providing goods and services down and down quite considerably.

Those costs are people's salaries.