Jim Caron

What's going to make it more affordable is that incomes and wages need to start to go up.

But they have to go up in a non-inflationary way.

And the way that happens, this is the magic trick that the economy does, is through higher productivity.

So higher productivity is the noninflationary speed limit on growth, meaning that you can have higher wages, better growth, but that higher wages doesn't necessarily increase goods inflation or anything like that.

That's what productivity does.

Right now, the productivity numbers are accelerating higher.

Right.

So it is likely if we get a recovery that these incomes and wages can go up without creating the inflation.

And that's what makes the $20 hamburger more affordable.

I'm still in the camp that there's maybe one more cut this year, possibly two.

So and I think that's pretty much well in the price at this point, as far as where the two year Treasury is currently trading.