Downtown Josh Brown

Because it's a reflection of growth, not a deterrent to it.

Right.

And it's more like it's indicative of the fact that, you know, rates confirm the cycle, that rates or the Fed follow the cycle rather than potentially create it.

And if rates are a reflection of growth, the market's got no problem with it because they're focused on growth.

I know it's not been like a million examples, but.

I actually don't know.

Oh, I do know this story.

Right?

I think that's correct.

Right.

I would say that- I hope.

It's clear in the data, right?

When you see in history, the fact that the Federal Reserve is less likely to hike-

the bigger the spike in oil, I think that they see it exactly the same way, that oil is like a tax hike on the consumer.

And the interesting part, again, since the 80s, I mean, this doesn't include the 70s, like the big inflation spike, which is different because of unit labor costs.

But if you say, like, what are the odds that it does get passed through?

I would say less than 50-50.

And I think that we saw this movie with tariffs, right?

In some ways, corporate America doesn't get to decide what it can pass through.

The U.S.