 And then we had a quarter of inflation, which was well above 3%. So we want to be more confident. And frankly, because the U.S. economy is strong and the labor market is strong, we have the ability to take our time and get this right. Powell also said the job market is cooling, lowering inflation pressure. Most economists think the Fed's first rate cut will happen in September, with possibly another cut to follow by the end of the year. Ed Donohue, Washington.