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We spent a lot of the week trying to figure out is the Fed ahead of the behind where the markets relationship, whereas the Fed compared to where it thought it was gonna be, what its plan is. The Fed is behind the curve. Thereve been six jolts to the Fed in the last six weeks. The seasonal adjustments to the CPI took the trend downwards in inflation during 2022 out of the data. The inflation figures for the last several months of 2022 were revised upwards. Further taking any sign of declining inflation out, we got a CPI number that was very disappointing in terms of how high the level and the core was. And that was reinforced by the P.C. information when it came in. All the indicators for January read Strong, suggesting that monetary policy has not yet gotten substantial traction in slowing the fullness of the aggregate economy down. The wage inflation numbers, as they have been revised, no longer show the kind of reductions that we had been expecting or many had been expecting to se