David Kelly, is this data cooperating? Nope. No. The sound that you heard, there was the door slamming. I’m a June rate cut. It’s that’s gone. I think the problem is the Federal Reserve and Jay Powell wants to achieve consensus. He’s only had eight meetings out of 51 meetings in which there’s even been a dissent. And so he’s going to try and convince the committee. But he can’t convince the committee of something the committee doesn’t on average want to believe. And so. So he’s not going to be able to get consensus around a June rate cut. I don’t know, you know, if he’d even want to push one at this stage. So. Unless there’s something very weird in these data, I’d love to see what. What exactly is pushing this? Because there’s some, you know, there may be things like tobacco prices, something pushing this. I don’t know, it sounds pretty high, but it’s it’s definitely more inflation the Fed wants. I still think that they ought to normalize rates over time. I’d be happy enough if they started to start to cut rates in June, but I think this means that they won’t.
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