Kai Risdahl

Come on on board with my theory.

Getting harder every day.

And consumers and also the markets, Courtney Brown, are thinking inflation is going to be higher for longer.

And we know what happens when expectations become unanchored, right?

He was nominally in the running to be the chair.

Could have been the chair.

David, there will be much ink spilled and airwaves transmitted, I suppose, to torture that analogy a little bit, over the changes that are coming to the Fed with Chair Warsh.

One of them will be their communication style.

And setting aside the fact that Waller clearly didn't get the memo with that speech today, less is going to have to suffice, do you not think?

Courtney Brown, I come to you now in your capacity as a bond market expert, and I want to know from you when the bond market is going to say to the American economy, nope, we're done with you.

We have had it.

And then things go downhill really fast.

Help me out with that one.

David, last word to you.

You got 40-ish seconds on this one.

I was going to ask you about Consumer Sentiment that came out today and University of Michigan data that is reliable with a grain of salt.

But the upshot is consumers are really, really angry and upset and cranky.

And yet...

That doesn't change their spending behavior.

So I guess I'm not going to ask you about that, but I'm going to ask you about why we pay attention to the consumer when we keep on spending.