Dana won't bury the lead you say people Are way too focused on the FED why is That Dan John I mean this the Fed was the story Of last year right the market was Mispricing inflation mispricing the FED I think a lot of that heavy lifting has Been done so you know all those clips That you just played about the FED being The data dependent I think we got to Recognize that the FED at this point is Not in the driver's seat the FED is Going to respond you know to the macro Data and ultimately it's going to be Growth so if you think that growth is Going to slow that's going to determine What happens the rates the FED earnings Etc conversely if you're bullish on Growth you know you should think that Rates are going to go higher so I think That's going to be the ultimate driver Of things and we think you know at least On the data we see now that growth is Going to slow well let's talk more about That data I've said a few times we've Had two years worth of narratives in two Months January and February when you get To March 14th that CPI print and you get To 8 31 eastern time does that narrative Switch back again Uh it could I don't think it's going to Change in a big way I mean I think that You know the the market is intensely Focused on sort of what the the FED has
Outlined is their focus which is sort of Services uh non-x shelter and I think it Doesn't look like you're going to see Any big change there so I think you know We have to recognize that inflation has Shifted from you know the leading Volatile components now to the lagging Sticky components and the fact that They're sticky and lagging means that They're probably going to be with us for A while and you're not going to be see a Dramatic fall off anytime soon Especially with a labor market as tight As it is so I think you know that's not Going to be a big game changer in my Mind
