inflation is the key inflection point, paul mcauley, former chief economy teaches at the forementioned georgetown mcdonough, where you so great paul, and just previewed the question >> georgetown has made him better. and the conversation, and peaking it 7-7. and materially down anytime soon. >> i think it will go materially down in the year ahead, actually the pace of going down is less important than the fact that it is coming down, and the fed has already got to a restrictive stance of policy, if you put them together, coming down, and i described it, a righteous rally. and anticipating, and the policy, and yesterday, and a week ago yesterday >> okay. and inflation data, mostly used cars, and brought inflation down, did today's date of the change your take on what you think the federal reserve is going to do, december 14, january, february or any of the next two meetings?>> step down to 50 basis points. the real issue is how they change it. and that was the sting last week. and chairman powell said and the terminal rate up higher, in september, 4 1/2, 4 3/4. and back last week, that