WELL, I DO NOT KNOW. CERTAINLY IT IS GOOD NEWS ON INFLATIONARY PRESSURES. THE ARGUMENT THAT WE HAVE BEEN MAKING IS SYMPTOMATIC OF THIS REPORT IS THAT THE ECONOMIC ADJUSTMENT TO TARIFFS IS COMING THROUGH LESS ON A PRICE ADJUSTMENT AND INSTEAD COMPANIES ARE FINDING WAYS TO DEFEND MARGINS BY OFFSETTING OTHER COSTS. AND I THINK THE FACT YOU SAW ANOTHER HEADLINE AROUND A LARGE RETAILER THAT IS DOING SOME LAYOFFS AT THE HIGHER EXECUTIVE LEVELS, IN OUR MINDS THAT IS SYMPTOMATIC OF THAT, THAT THEY ARE FINDING WAYS TO CUT COSTS. WHAT THAT MEANS FOR THE FEDERAL RESERVE IS THAT THERE IS DOWNSIDE RISK TO THE LABOR MARKET. I DO NOT KNOW IF THEY SHOULD BE COMPLETELY TAKING A SIGH OF RELIEF, BUT WE NEED TO SEE THE LABOR MARKET DATA WHEN THE GOVERNMENT REOPENS. AS YOU AND MIKE MENTIONED, LET CUT IN OCTOBER AND THE MEDIAN EXPECTATION IS THAT THEY WILL CUT AGAIN IN DECEMBER.

IT IS INCREDIBLY TRICKY AND I AM NOT SURE THEY WILL OFFER A TON OF GUIDANCE. THEY WILL SAY WE DO NOT HAVE A LOT OF DATA AND THERE ARE PRIVATE SOURCES. EVEN THERE IT APPEARS THAT SOME OF THE FED'S PREVIOUS SOURCES OF PRIVATE DATA, MAYBE THEY ARE NOT GETTING MORE. IT IS A TRICKY SITUATION. THEY WILL BE LOOKING AT MARKETS AND I THINK THE NEWS FLOW IN ORDER TO FIGURE OUT WHAT IS GOING ON. IT WILL BE TOUGH IN TERMS OF