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Hello and welcome to another episode of the Adlots podcast. I'm Tracy Alloway.

And I'm Joe Wisenthal. So Joe, we just had a fed meeting where basically the central bank

decided to not change anything. And the market reaction was, let's see, stocks went up,

but probably the most interesting move that we saw was in the three-year break even. And that

actually went up, I think eight basis points to the highest since 2008. So you saw this immediate

assumption in the market that we would get a bunch of inflation because the feds on hold for

longer. And meanwhile, we have fiscal stimulus and the economy is recovering really strongly.

Exactly right. I mean, that is sort of interesting. I was watching the press conference. And

there were so many questions about inflation. So many questions about when the fed is going to

perhaps pull back one day on its asset purchases, the so-called taper. And the answers were really

the same. Like Chairman Powell was incredibly consistent. By the way, I should mention,

we're recording this April 29th, the meeting was yesterday, April 28th. But the answers were

incredibly consistent. He's like, look, I'm not going to do anything until we get there until we

see the inflation until we get the full employment and everything. And so he's kind of like

stop asking, but this dynamic in which everyone sees these pressures are building in the economy

for an unknown length of time. And a fed that's willing to not do anything until they actually

...