 Economist Julia Coronado at Macro Policy Perspectives for Guidance. Morning. Good morning. So I went to the St. Louis Fed. They've got like a real-time indicator on this SOM rule. How am I supposed to read this thing? Well, the SOM rule stands at 0.4% as of June. If we get to 0.5%, the rule is that we are generally already in a recession. So being at 0.4% is not particularly comforting.