 I think we need to see a more substantial slowing in the labor market. I think the inflation data is less important there. But if job growth starts to slow more significantly, or if we see the unemployment rate move up more quickly, then I think the Fed will be more concerned about the state of the economy, the potential for a substantial weakening in the labor market, and then they might cut in September. But I do think that they want to get through the presidential election before cutting. They don't want to be drawn into the politics of this. So unless