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convinced that inflation continues to fall back down. the good news, as you indicated, the economy continues to be strong, gdp growth is strong, consumer spending is strong and the labor market is strong. so, we're in a good position from which to take our time before we decide where to go with interest rates. neil: take your time until next year? >> well, i mean, potentially. i dialed in in march, i had dialed in two interest rate cuts this year, two 25-basis points cuts before some of the data we've seen. i'm in the view we need to wait and see. neil: all right, that echoes what i've heard from austan goolsby, much of the same thing hurry up and wait and wait for a while. if we get no rate cuts at all and market rates are backing up as they have been lately this year, what happens? >> well, i think again, wall street is going to be a bit disappointed. we've seen markets already move to more defensive measures