Michael Batnick

You continue to see sluggish growth in structures investment.

So if that red line converges onto the gray line, well, then maybe the Fed can wait it out.

Maybe the Fed can wait it out.

And so I think that, to me, is the kind of conversation.

So I think Scanda's a little bit more on the hawkish side of things right now than I am.

It's unusual for us to be that unaligned.

But that's kind of where the debate is right now.

So, you know, for me, like...

In my career, I've always put more weight on labor and housing.

And so that's why I probably sit more on the dovish side of things at the moment.

As an example, apparel prices have been rising very, very rapidly over the last year.

But what's happening to the real volume of clothing that's being sold?

It's actually contracting.

Like, how can firms make that stick, right?

It's very difficult to make the price increases stick if labor income isn't there.

I mean, someone has to do the dirty work.

I mean, you can't get half the people on the street to actually say what they really think about them.

So I guess if one person has to do it, I guess I will.

You know, that's sort of how I think about it.

I mean, that's one of the benefits of working at a smaller place.