David Gurra

there's a school of thought that a lot of these policymakers are recognizing the fact that there's a plasticity of this economy, that maybe that kind of advance notice isn't as good as it used to be, or that advanced thinking isn't as useful for markets and journalists like us as it used to be here.

But I think this is the way that the new Fed chair is going to make the strongest imprint on the Fed in the shortest period of time.

Look, he's going to have his work cut out for him with other kinds of reforms, as we were talking about.

The wind is blowing in the other direction from cuts.

It's pointing to hikes.

But I think

He's talked about the fact that he thinks policymakers say too much.

They talk too often.

He hasn't committed to having press conferences with the frequency that Jay Powell did.

I think we're in store for perhaps some seemingly kind of radical changes there that bring us back to the way things used to be at the Fed.

We keep on spending.

Obviously, it's such a crucial part of this, the US economy.

I think we are seeing signs that, yes, with that grouchiness, people are beginning to change their habits.

They're still buying gas.

They're paying more for it.

They're spending less on other things.

And I do think that sentiment data is key when you look at kind of a broader complement of other data that we're getting about how consumers feel.

And they're worried.

They're worried about

How long inflation is going to be high, how high it's going to go.