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Right now, and this is wonderful, it's well-time.

Julia Coronado with a numerical policy advisor.

Julia, I look at what John

Farrow just said about global accommodation, all the rate cuts out there.

What's the long-term price of an accommodation by the Fed Central Bank. I refuse to believe

that Chairman Powell cutting rates is a free lunch. What's the price out there?

Well, actually, Tom, I think the question for us right now is whether these rate cuts are

just Central Banks moving to a new reality of lower neutral rates that comes with lower

global growth or whether this is actual new accommodation that's going to spur growth?

I think that's an open question because we've seen the global economy

slowdown pretty dramatically.

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