{"id":24932,"date":"2024-07-12T21:30:11","date_gmt":"2024-07-12T18:30:11","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24932"},"modified":"2024-07-12T17:30:16","modified_gmt":"2024-07-12T14:30:16","slug":"inflation-decline-brings-hope-feds-musalem-states","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/","title":{"rendered":"Inflation Decline Brings Hope, Fed&#8217;s Musalem States"},"content":{"rendered":"<p>Alberto Musalem, the President of St. Louis&#8217; Federal Reserve Bank, expressed some hope on Thursday about a fresh analysis indicating a drop in consumer <strong>inflation<\/strong> pressures.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#Encouraging_CPI_Data\" title=\"Encouraging CPI Data\">Encouraging CPI Data<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#Balancing_Act_on_Interest_Rates\" title=\"Balancing Act on Interest Rates\">Balancing Act on Interest Rates<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#Future_Inflation_Targets\" title=\"Future Inflation Targets\">Future Inflation Targets<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Encouraging_CPI_Data\"><\/span>Encouraging CPI Data<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Musalem, the June Consumer Price Index (CPI) report shows significant movement toward low <strong>inflation<\/strong>. He did not, however, specify exactly when the central bank should lower its target interest rate. Said Musalem:<\/p>\n<p><em>\u201cThe June Consumer Price Index points to encouraging further progress toward lower <strong>inflation<\/strong>.\u201d\u00a0<\/em><\/p>\n<p>This development is encouraging in the attempt to get <strong>inflation<\/strong> back to 2% since customers are demonstrating more opposition to more expensive prices. Musalem clarified that, while not too tight, the present monetary policy is tight.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Balancing_Act_on_Interest_Rates\"><\/span>Balancing Act on Interest Rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>During the last policy meeting, he backed the choice to maintain constant interest rates. He said that the federal funds rate&#8217;s present level is suitable for central bankers to weigh the dangers of lowering rates too early or too late, therefore affecting the robust labor market.<\/p>\n<p><em>\u201cI supported the statement that says it will not be appropriate to lower interest rates until the Committee gains greater confidence that <strong>inflation<\/strong> will converge to 2%.\u201d<\/em><\/p>\n<p>Musalem also mentioned that he would want demand and data showing <strong>inflation<\/strong> may achieve the target in the in the middle or end of next year to show moderation. &#8220;We&#8217;re on a good road,&#8221; he said reassuringly.<\/p>\n<p>From a 3.3% increase in May, the CPI figure issued yesterday revealed a decline in <strong>inflation<\/strong> to 3%. The CPI numbers have reinforced the conviction that the Fed will be able to lower short-term borrowing expenses before the year ends.<\/p>\n<p>Looking at the fall as a basis for cutbacks in the existing federal funding target range of 5.25% to 5.5%, market players are<\/p>\n<p>Fed officials have repeatedly underlined that lowering rates depends on building confidence in a lasting drop in <strong>inflation<\/strong>.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Future_Inflation_Targets\"><\/span>Future Inflation Targets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Fed Chair Jerome Powell underlined this point before the Senate on Wednesday: &#8220;<em>I&#8217;m not sending any signals on any particular date of any meeting whatsoever<\/em>&#8221; on future interest rate decisions.<\/p>\n<p>Finding the ideal conditions for a rate decrease &#8220;<em>could take months and more likely quarters to play out<\/em>,&#8221; Musalem said. Powell also mentioned to the Senate:<\/p>\n<p><em>\u201cWe\u2019re not just an <strong>inflation<\/strong>-targeting central bank. We also have an employment mandate. And we have made considerable progress in controlling an <strong>inflation<\/strong> rate that is at its highest point in 40 years.\u201d<\/em><\/p>\n<p>Easing off from the economic devastation the epidemic created, supply problems drove <strong>inflation<\/strong> worldwide, which peaked at 9.1% in the United States. Eleven times between 2022 and 2023, the Fed raised its benchmark rate, effectively lowering <strong>inflation<\/strong> to 3.3%.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><em class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Telegram,\u00a0<\/strong><\/a><a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener nofollow\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">YouTube<\/strong><\/a>,\u00a0and\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" href=\"https:\/\/twitter.com\/coinengineers\" target=\"_blank\" rel=\"nofollow noopener\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\"><strong class=\"darkmysite_style_txt_border darkmysite_processed\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">Twitter<\/strong><\/a>\u00a0channels for the latest\u00a0<a class=\"darkmysite_style_txt_border darkmysite_style_link darkmysite_processed\" title=\"News\" href=\"https:\/\/coinengineer.net\/blog\/news\/\" data-internallinksmanager029f6b8e52c=\"7\" data-darkmysite_alpha_bg=\"rgba(0, 0, 0, 0)\">news<\/a> and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alberto Musalem, the President of St. Louis&#8217; Federal Reserve Bank, expressed some hope on Thursday about a fresh analysis indicating a drop in consumer inflation pressures. Encouraging CPI Data According to Musalem, the June Consumer Price Index (CPI) report shows significant movement toward low inflation. He did not, however, specify exactly when the central bank<\/p>\n","protected":false},"author":6,"featured_media":24933,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,2],"tags":[7352,1180],"class_list":["post-24932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy-news","category-news","tag-alberto-musalem","tag-inflation"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Inflation Decline Brings Hope, Fed&#039;s Musalem States - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation Decline Brings Hope, Fed&#039;s Musalem States - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"Alberto Musalem, the President of St. Louis&#8217; Federal Reserve Bank, expressed some hope on Thursday about a fresh analysis indicating a drop in consumer inflation pressures. Encouraging CPI Data According to Musalem, the June Consumer Price Index (CPI) report shows significant movement toward low inflation. He did not, however, specify exactly when the central bank\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-12T18:30:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-12T14:30:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"896\" \/>\n\t<meta property=\"og:image:height\" content=\"504\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/\",\"name\":\"Inflation Decline Brings Hope, Fed's Musalem States - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg\",\"datePublished\":\"2024-07-12T18:30:11+00:00\",\"dateModified\":\"2024-07-12T14:30:16+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg\",\"width\":896,\"height\":504,\"caption\":\"inflation\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Inflation Decline Brings Hope, Fed&#8217;s Musalem States\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Inflation Decline Brings Hope, Fed's Musalem States - Coin Engineer","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/","og_locale":"en_US","og_type":"article","og_title":"Inflation Decline Brings Hope, Fed's Musalem States - Coin Engineer","og_description":"Alberto Musalem, the President of St. Louis&#8217; Federal Reserve Bank, expressed some hope on Thursday about a fresh analysis indicating a drop in consumer inflation pressures. Encouraging CPI Data According to Musalem, the June Consumer Price Index (CPI) report shows significant movement toward low inflation. He did not, however, specify exactly when the central bank","og_url":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/","og_site_name":"Coin Engineer","article_published_time":"2024-07-12T18:30:11+00:00","article_modified_time":"2024-07-12T14:30:16+00:00","og_image":[{"width":896,"height":504,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg","type":"image\/jpeg"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/","url":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/","name":"Inflation Decline Brings Hope, Fed's Musalem States - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg","datePublished":"2024-07-12T18:30:11+00:00","dateModified":"2024-07-12T14:30:16+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/07\/picture.jpg","width":896,"height":504,"caption":"inflation"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/inflation-decline-brings-hope-feds-musalem-states\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Inflation Decline Brings Hope, Fed&#8217;s Musalem States"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24932","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=24932"}],"version-history":[{"count":1,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24932\/revisions"}],"predecessor-version":[{"id":24934,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/24932\/revisions\/24934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/24933"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=24932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=24932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=24932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}