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This is a Bloomberg Savannah special.

The Fed decides.

I think we all need to lie down after the last one

or so. There is three steps to this. Step one, except you're finished, Chairman Powell, saying the

policy rate is likely at its peak. Step two, acknowledge the next step. It's appropriate to dial back

at some point this year. And step three, attempt to explain the threshold to do so. Take a listen.

What do we want to see?

We want to see more good data.

It's not that we're looking for better data.

We're looking at continuation of the good data that we've been seeing.

And a good example is inflation.

So we have six months of good inflation data.

The question really is that six months of good inflation data,

...