Nancy Lazar

And you did see one price went up, other prices went down.

And so I think you're going to see the same thing today.

Energy takes time to flow through to overall GDP, consumer spending.

It very quickly impacts the CPI.

So the March CPI will be bad, 0.6% or 0.7%.

But again, it's a tax.

I think as you go through the year, you can see other prices go down.

So I was actually in Europe last week, and I have a chart of U.S.

productivity relative to Europe and the rest of the world.

Actually, they don't.

But we also invest in technology.

I'm just sitting in this beautiful room, and...

Again, I heard over and over again that Europe is indeed way behind from an investment perspective, from a technological innovation, embracing it, allowing creative destruction, which they don't allow, which we do.

And so productivity has been an accelerating trend for about 10 years.

We're back up to something close to 2, 2.5%.

And given all the R&D that's going on right now within corporate America and being incentivized to do more R&D to the tax legislation,

We think productivity growth can move up towards 3%.

So the state of American capitalism with these CapEx incentives, with deregulation, we think is pretty healthy.

Bingo.

I mean, so much I hear from Wall Street, oh, the Fed has to cut rates because there's no labor force growth.