there is this weird thing about inflation, which is inflation expectations, what people think inflation is gonna do, has a huge effect on what inflation actually does, right? And for a long time, a sort of bizarrely long time, we lived in this world where we had persistently really low inflation, right?

After the financial crisis through the aughts into the teens, whereby like 2019, we were in this world where unemployment was super low, the economy was doing well, the government was borrowing tons of money, and all of those things you would think would give you higher inflation, right? That classically is a really inflationary environment and we didn't see it.

And part of the reason it seems, it's a mystery why we didn't see it, but part of the reason it seems is because people expected it would stay low. So now, what do people think? I mean, you can look at the markets, you can look at various financial markets and people don't think inflation's gonna stay at 8% for like five years.

So I'm hoping people's expectations are still kind of moderate.