Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I understand and appreciate that. Thanks. My impression, however, is that you have something near term going on because of what is expected to happen to the headline CPI over the next couple of months. Then something a couple of years out, not next year but a year or two after that, is pulling down the compensation. Is that a fair characterization of the market data?

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