Mary Daly

But the remedy for that isn't to take away demand, it's to increase supply.

So when, you know,

they talk about any CEO of a power company says, we can solve this problem by adding more supply.

Absolutely.

But that's a next and later.

And so what you said, my constituents, what consumers and businesses are saying is, I'm worried my electricity prices are going to rise, and they've already been going up.

And

the CEOs of power companies are saying, but if we just keep building, that will go down.

And both are true.

Alan, you know, it's hard to say energy could be disinflationary if we get to a point where supply is greater than demand.

Right now, I'm just looking for supply to equal demand.

And that would be a big benefit to consumers because it would mean that we wouldn't keep seeing inflationary pressure coming out of the energy sector.

So one of the things that is true is that the labor market has slowed.

But it slowed for a whole variety of reasons.

And much like when you said, well, productivity has risen, Mary, so shouldn't we, isn't that AI?

I think we always want to be a little humble about the correlations we see and ascribing causality to them.

So I wanted to temper your enthusiasm for thinking all the productivity growth is AI.

It might be, but it could just be general cost management in a slowing economy or a slowing, you know, or to manage tariff costs, et cetera.

So on the labor market, the labor market is slowing.

It's slowing in industries that are directly telling us that they're using AI, and it's slowing in industries that aren't.