David Malpass

That's right.

The system is set up with models, Steve, where they think that growth causes inflation, so they ought to tamp down growth with high interest rates.

And that's getting locked in.

Well, it's been locked into the system for a long time.

It fights and fights.

against growth.

And the huge problem is the economic community really believes in it.

They think that they can measure inflation, that they can measure the amount of money and control of it within the economy.

And it hasn't been working.

Look at the huge jumps in inflation that we had in the Biden administration.

So I'm afraid they're doing it again this time.

They'll fight against growth as we go into 2026.

That's right.

I think it extends all the way out into 27.

They've got a lock on the board of the Federal Reserve.

But think about it.

If the country is doing well, shouldn't we have lower interest rates, not higher interest rates?

And not just in the short end, but in the long end as well.

That'd be mortgage rates should be coming down if the country is doing well.

But that's not the way the models work.