JWM in SD, I think we were debating about different things. I was referring to FFR.

You still have not explained how we can’t have a recession and inflation simultaneously.
Why can’t we have both at the same time? Wasn’t that what happened in the 70s before Volcker took control? Inflation was high and GDP was negative, so they actually declared recession. That’s what they called stagflation. But I guess you don’t believe that was what happened.