Downtown Josh Brown

consumer decides what it's going to absorb.

And that's, I think, what's very different.

So if real incomes aren't excessive or, you know, we're not getting rained down in terms of 15% GDP coming out of COVID or something like that, if you have to spend more money at the pump or from a tariff perspective, more money on washing machines, then your marginal propensity to consume goes down in other areas and their marginal ability to price goes down with it.

So you saw, again, I think over the last 12 months, corporate America like try and increase prices and then quantity demand fell.

And so what did they do?

They cut prices, right, to increase quantity demand.

Pepsi?

Yes.

We saw that in some consumer goods.

Yes.

Yeah, I would say it's not anomalous at all.

It's worth something.

Yeah, when you look at it relative to growth.

I mean, again, it goes back to the, like, would we like it lower from an accommodation perspective?

not clear in terms of the data.

Lower rates are often a reflection of lower growth.

So no.

And when you sort of quartile it out and you say, OK, where we are relative to where GDP is or where it would be, you would say there's really nothing to see here from a pattern perspective.

And where was the 10-year in the 90s?

Exactly.