The CI o Joseph and now we've got a super in Powell. I mean just how surprised are you with the amount of confidence that the fair chair exuded yesterday? I am really surprised and as Kelly presented it very much looks like an immaculate soft landing. I thought the conference was really dovish in a couple ways. As we all know over the past months inflation has been surprising to the upside and when asked about that, Tripile was basically January that's just seasonal stuff. February, you know, that's actually not so bad. So he seems to be down playing and looking through what looks like inflation stabilizing at three and four percent and not just that. So we have financial conditions which I think everyone thinks are quite loose.
Look at equity markets going to the moon. It's like dog with hat. A meme coin is going to show up on the Las Vegas sphere. There's clearly a lot of speculation in the markets and when asked about that, Paolo's like, actually I think financial conditions are restrictive. I don't know what he's looking at but it's not what anyone else is looking at. I was going to ask you what's said. I mean, I know Goulburn has their financial conditions and the city has one that's widely used. Maybe he's got something to you and I don't know about but the idea that this confident on inflation just being a little bump in the road really is amazing and I get to be honest with you.
Every time they say, well, January was cold, I'd lose my mind. Yeah, most of the time January is cold. So more than one Fed official though and this I'm reading from your notes that you're saying that more than one Fed official thinks the economy is less than one Fed. I think that's going to be the biggest answer is rate sensitive and that could be the big mistake. Yeah, yeah, definitely. I think that what's happening is that the economy is obviously less interest rate sensitive than we thought, right? Ask us a couple years ago. Can the economy would stand 5% rates? Everyone would tell you that no, we'd have going to a terrible depression and the market would tank but fast work today. If that funds five and a half and it looks like it's not doing as much damage.
But I think that's a good thing that is slow to realize that. And I'll add one more thing, Charles. Fed Chair Powell yesterday. He also began to talk about the QT taper. And so even as financial conditions already loose, he's telling you that probably at the next meeting they're going to be tapering QT and that's another dovish dovish. So we see in the markets, the is a direct result of I think an exuberant on the inflation side. I don't know how much of this is human emotion, how much is miscalculation, how much is the election. But he certainly is a cognitive pout that will give him that nickname for now.
Again, if he pulls off the immaculate landing here, he could pick out any name he wants. Joe, thank you very much. We'll talk again soon. I appreciate you.