 Michael, I know you mentioned that Fed Chair Jerome Powell testified to Congress this week. He explained that the Fed believes inflation is cooling, but made it clear that they want to see more. How does this PPI report influence the Fed's thinking and market rates? Well, while this week's inflation reports were a little mixed, they provide the Fed at least a little more evidence that inflation is cooling. Officials will want to see more before cutting rates, and we expect one, maybe two cuts by the end of the year.