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00:00Is there a stagflationary-like mix coming together here on the date of the U.S.? Yeah. So I think we're getting what we expected on inflation. We're getting some pass through of tariffs. It looks like it's predominantly the farming categories are in goods and otherwise things look a little bit better. I think the more concerning news from the data this morning is the jump in claims It's been relatively contained despite the labor market, you know, really slowing to a halt over the last year. And now the jump today looks a little bit more concerning, like we're moving out of of just a period of of very little activity or very little hiring or firing, you know, to potentially some more separations. And that's certainly that's going to be super concerning, I think, for the Federal Reserve. You know, I agree with Mike McKee. I think overall the data this morning I think confirms a 25 basis point cut. There's probably going to be discussion around 50, although that's not our base case. You know, and I think there's there's reasons if you continue to see this kind of momentum on the labor market, you know, to get several more cuts in the back half of the year.

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