And so with that, if he's not a fan of that, I'm not sure what to make of that, right? Like, isn't this the way inflation has been calculated for decades? No, no,

no.

I mean, kind of like...

You know, early on when when Neil and I were younger they they looked at how much money was in the economy and that's how they gauge whether or not there was going to be inflation, then they switched to using to looking at the the CPI.

And then, when they went from the CPI.

The Greenspan, I think around the turn of the century, he decided that the personal consumption expenditures price index was a better measure for various reasons.

And many people said he was cherry picking because at that time, the price index was lower than the CPI.

So Peter, when you are working in the Economic Forecast Project, what indicators are you looking at for the South Coast?

So what are you implying about what's different this time around?

I think that there's a lot of uncertainty out there still.

And if you read some of the statements from some of the members over the past few months, that uncertainty is playing a big role.

In my view, the job of the Fed is really job one is to control inflation.

I know they have a dual mandate, But, you know, they're not close to two percent.

It's been rising.

And if you look at the dot plot, which, by the way, I think they should completely get rid of because it actually doesn't tell us a damn thing in the sense that, you know, if you look for 2026, you know, the members are saying it's going to be somewhere between two and four percent.

Now, obviously, this is an outright QE here, but how significant do you think this announcement was?