structure around your response. First of all, I just want to clarify something when you talk about a steepening, what you're describing is a steepening of the yield curve. And you're describing a bare steepening, a potential bare steepening, which is the long rates rise, not the short rates drop. But let's actually start from first principle. So first of all, you talked about financial conditions coming back to normal. First of all, how do we measure financial conditions? And then what are normal financial conditions? Right. So many people measure it in many different ways. I think one of the best ways to do it is to see its works, as Powell regularly says. And to see its works, you see whether the economy is contracting in a disinflationary, slowing growth way. And clearly, we've been in a transitory, supply chain driven inflation period. And now we're in a disinflation period that has made a lot of progress. And maybe it will continue to go on and reach target, or maybe it won't. But (10/40)
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