[00:00] Not only are we up 7.5 bips on the 10-year, but you literally just had Barr from the Federal Reserve come out and say, quote, inflation is clearly not trending towards target.
[00:12] Okay, well, that's bearish. Economic growth is strong and the labor market is solid. It's not a surprise that he's saying that right after we ended up getting this read from the Flash PMIs.
[00:25] You can actually see these notes right here in the Meet Kevin app. So this portion's free, for now at least. Use it. You may as well use it. Bar, inflation clearly not trending towards target in a timely manner.
[00:38] Economic growth is strong. Labor market is solid. Fed was out of position, made an adjustment in the right direction. Going into recent policy meetings, the Fed needed to recalibrate monetary policy.
[00:50] Risks to achieving 2% inflation have increased, and the risk to the labor market have receded. further rate hikes are likely needed. Great.
[01:02] So this isn't data dependent or data trend dependent or whatever.