There certainly are some risks of a downturn. There are also some inflationary risks coming from the tariffs, coming from general economic strength. And so he decided not to commit but to preserve flexibility.I think that was the right course of action for him to take. If the economy turns down, there's the scope to cut rates very rapidly. But if inflation's a problem, there's a risk of a loss of credibility.If you're a responsible Fed official, you've got to remember that you got nervous about the economy. ...