Geoffrey Yu of BNY writing the November 4 refunding is the key test. If treasury actions loosen conditions while inflation remains above target, the Fed may eventually need to offset some of that impulse. Geoff joins us now for more.Geoff, let's talk about it. We only just had one, quarterly refunding. It's a few months away now, Geoff.What's your base case. Oh, well, right now, it's about financial conditions. Right.We need to look at this on a comprehensive basis. And, crucially, the market is still prici ...