More importantly, I now think that the global investment cycle is broader, more durable, and probably more inflationary than even I had appreciated. Don't take the inflationary thing is there. He didn't think inflation was going to be at this level. Now he's saying things are going to stay there. The conundrum, corporate profits are rising rapidly while labor's not. This will become more of a story as time goes on. I think it is a major story for next year. I do think the job situation is going to be the thing that again applies pressure at some point soon uh to the bond market,
He didn't think inflation was going to be at this level.