Jim Caron

ISMs are well above 50 right now.

Even new orders are around 57.

You've got the manufacturing above 52.

You've got GDP growth, which is still pretty reasonable.

Jobs, market seems pretty stable.

Let's keep our eye on the bigger picture.

And the reality here is that I do think that the cyclical broadening of the markets is actually really a healthy sign for more diversified growth.

No, I don't think it will.

I think that we have gone through a period of time, and this goes back to 2001 when China joined the WTO, that goods inflation was relatively flat to down.

And it was all about services inflation and everything else.

So therefore, overall inflation was able to stay low.

Now we're in a different place.

Oh, yeah, absolutely.

I do not.

I think the number is probably around two and a half to three.

That's likely where we're going to stabilize.

I don't think we're going to see below two for a while unless we see a recession.

See how he did that?

He avoided that nicely.

Well, I mean, it's certainly lower than what we would have expected it to be.