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Seth Carpenter joins us right now, Global Head of Macro Research at Morgan Stanley as well.

I think I've mentioned once this morning, Seth, that there's a Fed meeting. I think Ellen,

Beeson Zettner and others would say, you know, at Morgan Stanley, they're going to pause or this or

that. But what's the Morgan Stanley nuance forward when you research our central bank?

Yeah, I mean, I think to be quite fair to the Fed, they're in an extraordinarily difficult situation.

If you look at the aggregate spending numbers, those are coming in extraordinarily difficult situation. If you look at the aggregate spending

numbers, those are coming in pretty solid. And then you look at the employment numbers and the

non-farm payroll numbers are coming in really, really soft. And that combination is pretty

ahistoric. And so they have cut rates several times over the past, probably six months or so.

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