Says it is affecting exports and a lot of places. The beige book. Other than that, the language remains largely unchanged. The updated their broad statement of purpose. Two things are changed. It used to be that the longterm natural rate of employment was 5. 25. 5 . Now, they say it is lower, 4. 9 . Theyve adopted new language on understanding inflation. Concerned if indeed inflation runs below its target consistently, jim bullard of the st. Louis fed dissented from that statement. Hes even more worried about losing the anchor on inflation. Something he has been talking about for a wild. More broadly, what we see is the fed says yes, we see it, we are looking at it, weve got it. Ss. They will assess whats going on. Assess. Ord is scarlet u. S. Stocks taking a leg higher and the nasdaq is paring some of its losses. Now down just. 3 . The two year yield coming down a bit. Year yield now at 86 basis points. Tom we are measured. We are gradual. Dr. Leavy, when i look at a gradual headline,