Ed

All this stuff is kind of path-dependent and all this stuff.

But what it looks like is we're still above target.

Goods is maybe getting a little bit better.

services outside of housing is not.

That was kind of my takeaway.

And that's the bit that's like dependent on wages and et cetera, et cetera.

So I think it's hard to say, you can't say we're at target, but I think it's hard to look at all the numbers all in and say things aren't getting a little bit better.

Right.

That's why I say I'm not predicting anything.

I'm not saying I'm not, that's that I'm not saying that I think inflation is going to happen for whatever, what it's this X, Y, or Z probability event.

What I'm saying is it's the worst thing that could happen now.

All the things that are good going into next year depend on inflation staying under control.

And so if something should happen in that area, we've got to reconsider all of our assumptions.

Okay, well, I'll give you two reasons.

You can take these or leave, but these are two things why it might improve.

The first reason is we lap—at some point this spring, we lap the April tariffs.

So if that turns out to be a one-timer—

Right.

We lap that.

And so that falls out of the goods numbers.