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Welcome to the Eric Erickson Show podcast, Our Three.

Hello, America, welcome.

It is Eric Erickson here.

The phone number 877973-745, should you wish to be on the program.

Delighted to have you with me today, I was going to talk about Jerome Powell and interest rates.

In fact, I got some of his conference from yesterday.

Let me play this for you.

So you're right, they're pretty modest changes, but you're right.

There was an uptick in the longer run rate. And also there's a 25 basis point increase in 25 and 26.

In terms of our rate's going to be higher in the longer run, if that's really your question.

I don't think we know that.

I think we think that rates were

generally low during the pre-pandemic post-global financial crisis era for for reasons that are

mostly you know important slow-moving large things like demographics and productivity and and that sort of thing things that don't move quickly

...