 it's not just inflation data, but also pay attention to some of the labor data. One of the things that the Fed watches is how much people are earning. The unemployment rate ticked up last month slightly, but average hourly earnings rose at 3.9% year over year. That's at a better than the rate of inflation, but it's actually the slowest pace in about three years. So people are earning more, but they're earning at a slower pace.