Talk us through that.

Yeah, that's exactly right, John.

Basically, since the last FOMC meeting, the data has largely not been in support of hikes or just, in general, more aggressive monetary policy.

When it comes to the consumer, we saw a pronounced pullback on spending in July.

We saw that in the retail sales report.

We saw that in the more comprehensive PCE data.

Now, granted, some of that weakness can be attributed to some of the seasonality issues related to Prime Day, but even if we kind of smooth that out, the general trend is still the same.

Um, you know, I think, uh, I guess, I guess my question is like, what are the risks that the fed could be looking at and all these, you know, and, and I guess, tell me why these things don't warrant a hike, you know, maybe it's not September, but later down the road.