Um, I wanted to ask about inflation expectations. Um, you've said the Fed can't take the stability of inflation expectations for granted. Um, you mentioned at the short run they've gone up a little bit.I wonder if you can talk a bit a bit about that. Um, and then also at the long run, I'm wondering do you see evidence that the debate over Fed independence and the growing deficit is putting pressure on inflation expectations. So, as you as you said, um, shorter term inflation expectations have tended to resp ...

Colobby. Uh, Colobby Smith for the New York Times. Um, should we be viewing today's cut as the committee taking out some insurance against the possibility that the labor market is at risk of weakening.Or is it the committee's view that the dynamics of a downturn are already in place. I guess I'm just, you know, trying to square the shift in the rate forecast in the SEP uh towards more cuts than just um three months ago with the fact that the forecast for unemployment didn't change. Yeah, I think you could t ...