The Fed Is Going to Take a Breeze at 5%

Housing activity measured by existing home sales has fallen as fast and as much as it did during the double dip recession in the early 1980s. And so I think that's one of the reasons we think that the Fed's going to be able to pause at 5%. In energy transition, when you add wind and solar power, you really can't decommission that much natural gas capacity because you still need backup thermal capacity. Most of that stuff lasts for four hours, maybe six, not several days or a couple of weeks.