Tom Keene

John, we go out two meetings, then there's like one or two or three meetings.

October 29 is a dead meeting because of the election.

Where's nominal Labor Day-ish in America?

Wealth effect, John.

That's what we call this.

Rosenberg's right.

Jeff Rosenberg, I'm sure you're aware of Pozen and Orszag's mapping out of a higher inflation, a more resilient inflation.

What does your bond world do if we get inflation resilience?

I mean, I look at this, Jeff, and the question of where we are, and this goes back to dollar analysis of the last couple of days, is it's very nonlinear at some point.

If I look, you know, to look at the benchmark 10 year yield, how close are we to a point where you get accelerated tendencies?

If we unwind, that would be lower bond prices, higher yield.

Is it 10 beeps away?

Is it 30 beeps away?

Is it a fiction?

It's just out there somewhere.

Scenario where they're raising interest and folks I really want to say if Jeffrey Rosenberg here with Stephanie Roth is important because they both carry Their day-to-day work with a lot of humility where in your head is the unemployment rate where everyone involved goes?

Oops, it's not 4.6 4.7 or that is there a Stephanie Roth unemployment rate where the dialogue radically changes if we get that I

Is that 5% now the same as it was a 5% 10 or 30 years ago?

I don't think it is.

In what way?