Rich Diaz

They probably will continue to look through it despite the fact that the OIS market continues to price in hikes.

There's an 85% chance of a hike by the end of the year.

I don't really see that happening.

And just to answer your question from before, Steve, tomorrow is the ECB meeting and there's 100% chance

of a of a rate hike so that'll be really interesting because keith do you think they're gonna do it i i actually think they're not gonna raise rates and really surprise the market but they might we'll see wow another twinkie bet i don't oh you're on mute they'll figure it out boomer it's like i'm talking and no one's responding back to me i feel like i'm on a call with mrs ice cap here

Yeah.

Inflation rose, and you could argue that it – so there's two things going on there.

One, it's going higher and higher.

Remember, the U.S.

target is basically 2%, just like in Canada, the U.K., what have you.

The headline CPI is now at 4.2%.

That year-on-year number was as expected.

The month-on-month number, as far as I'm seeing, Keith, which might be a little bit slightly different from you –

was an increase of 0.5% month on month, which was as expected.

And you've got core CPI up to 2.9%.

So as we sort of not predicted, because that's, I mean, everybody understood this was going to happen.

As you get the feed through from higher energy prices, you're going to get higher headline and core inflation in the United States.

But unlike Canada, I would submit, the U.S.

has much more underlying improvements in domestic demand.

And so Canada, you're seeing the core numbers fall down or head lower because we have weak growth, etc.