i respect my friends at the peterson institute. they are alarmist. a lot of the supporters are anti-tariff. they take an anti-tariff position. we have the experience of president trump's first term where tariffs did not affect prices. it's a holistic approach that there will be tariffs there will be cuts in regulation, there will be chiefer energy. so i would expect that quickly, we will be down to the fed's 2% target. i'm expecting inflation to continue dropping over the year. >> should we expect these tariffs to come march 4th? >> there's a series of tariffs. there's march 4th and then there are the big -- there's the big tariff program that's going to be outlined on april 2nd by commerce and ustr. that's the president's notion of reciprocal tariffs. that's going to be path dependent. we are going to show what are other countries' tariffs what are non-tariff barriers what are the currency manipulation, what's manipulation of financing or labor manipulation and what are these horrendous fines that the european union is putting on our tech companies?