1
00:00:00,120 --> 00:00:01,880
Speaker 1: The word that everybody uses is solid.

2
00:00:01,920 --> 00:00:03,840
Speaker 2: And you know, when you have Lorettamester coming up, the

3
00:00:03,880 --> 00:00:07,040
Speaker 2: answer solid doesn't cut it because a mathematicians going, what

4
00:00:07,120 --> 00:00:08,640
Speaker 2: in God's name is solid?

5
00:00:08,880 --> 00:00:11,200
Speaker 1: But there are we have a solid economy? Well know

6
00:00:11,280 --> 00:00:11,879
Speaker 1: what that means?

7
00:00:11,960 --> 00:00:14,440
Speaker 3: Well, we'll find out from Lurettamester, who's sitting us. She

8
00:00:14,560 --> 00:00:17,279
Speaker 3: is former Cleveland FED President Loretta Master. This is the

9
00:00:17,320 --> 00:00:20,759
Speaker 3: first time that she's joining us as a non FED

10
00:00:20,800 --> 00:00:25,000
Speaker 3: member in ten years at this Jackson Hole meeting. Lorettamester,

11
00:00:25,239 --> 00:00:27,479
Speaker 3: President Mester, I will still call you that you've always

12
00:00:27,520 --> 00:00:31,240
Speaker 3: been a thought leader. How much do you hear more

13
00:00:31,600 --> 00:00:35,920
Speaker 3: dissent than usual among members at a time where we

14
00:00:36,040 --> 00:00:37,199
Speaker 3: really are at a pivot.

15
00:00:37,880 --> 00:00:40,239
Speaker 4: I'm not hearing that much to send Frankly, I think

16
00:00:40,280 --> 00:00:42,440
Speaker 4: we're in a good place in terms of where the

17
00:00:42,520 --> 00:00:45,639
Speaker 4: economy is. If you think about inflation, look how much

18
00:00:45,680 --> 00:00:46,360
Speaker 4: it's come down.

19
00:00:46,440 --> 00:00:47,680
Speaker 1: You know, we're in two and.

20
00:00:47,600 --> 00:00:51,239
Speaker 4: A half percent range and the lad market is moderating.

21
00:00:51,280 --> 00:00:55,120
Speaker 4: There's definite signs of that. But it's not weak, right,

22
00:00:55,160 --> 00:00:58,400
Speaker 4: It hasn't turned into a strong you know, weakness coming

23
00:00:58,440 --> 00:01:00,520
Speaker 4: into it. So we're in a good place spot. And

24
00:01:00,600 --> 00:01:03,800
Speaker 4: now what the FED needs to do is make sure

25
00:01:03,880 --> 00:01:07,240
Speaker 4: that it can maintain the momentum of inflation going all

26
00:01:07,280 --> 00:01:10,000
Speaker 4: the way back down to two percent while keeping the

27
00:01:10,080 --> 00:01:13,000
Speaker 4: labor market healthy. And I think that's where the focus

28
00:01:13,080 --> 00:01:15,160
Speaker 4: is gonna be. If you remember at the start of

29
00:01:15,240 --> 00:01:18,479
Speaker 4: the tightening cycle, you know, we had to go very

30
00:01:18,520 --> 00:01:23,000
Speaker 4: aggressively because policy wasn't well calibrated to where the economy

31
00:01:23,600 --> 00:01:26,240
Speaker 4: is and where it was going. Uh or was and

32
00:01:26,280 --> 00:01:29,000
Speaker 4: where it was going. And now we wanna make sure

33
00:01:29,040 --> 00:01:30,800
Speaker 4: that you know, the FED wants to make sure that

34
00:01:30,880 --> 00:01:34,960
Speaker 4: policy stays well calibrated to the economy. So the discussion now,

35
00:01:35,040 --> 00:01:37,920
Speaker 4: I think is about we have a dual mandate. We

36
00:01:37,959 --> 00:01:40,280
Speaker 4: have to focus on both parts of that. We have

37
00:01:40,400 --> 00:01:42,920
Speaker 4: to be forward looking. You know, it's where the economy

38
00:01:42,959 --> 00:01:46,080
Speaker 4: is going, not necessarily where it death is here today,

39
00:01:46,200 --> 00:01:48,840
Speaker 4: but where it's going. And that's why I think now

40
00:01:49,280 --> 00:01:52,760
Speaker 4: it's it's actually appropriate to really be thinking about, Okay,

41
00:01:52,800 --> 00:01:56,080
Speaker 4: it's time now to enter this new phase where we

42
00:01:56,120 --> 00:01:58,680
Speaker 4: can start normalizing the policy rate.

43
00:01:59,120 --> 00:02:03,520
Speaker 2: Wall Street and the financial media wants specificity, they want certitude,

44
00:02:03,600 --> 00:02:06,120
Speaker 2: they want single point statements.

45
00:02:05,600 --> 00:02:07,000
Speaker 1: About exactly where we are.

46
00:02:07,600 --> 00:02:10,320
Speaker 2: The reality is just to look at productivity is a

47
00:02:10,360 --> 00:02:14,440
Speaker 2: capital analysis, a labor analysis, and an all in analysis.

48
00:02:14,520 --> 00:02:18,440
Speaker 2: Call it total factor productivity. The noise in there, to

49
00:02:18,520 --> 00:02:23,080
Speaker 2: me with the overlay of technology is highly uncertain. Do

50
00:02:23,120 --> 00:02:27,040
Speaker 2: you have any handle of the overlay of productivity and

51
00:02:27,120 --> 00:02:30,760
Speaker 2: technologies effect that Cleveland and American economy.

52
00:02:31,160 --> 00:02:35,000
Speaker 4: Well, I mean we've seen over history, right, that technology

53
00:02:35,040 --> 00:02:38,160
Speaker 4: can be very additive to productivity growth, right, I mean,

54
00:02:38,200 --> 00:02:42,240
Speaker 4: that's kind of the engine of an economy that's increasing

55
00:02:42,320 --> 00:02:47,600
Speaker 4: and having potential growth rise. But in any point in time,

56
00:02:47,639 --> 00:02:50,160
Speaker 4: it's very hard to measure productivity growth. Even if we

57
00:02:50,200 --> 00:02:54,880
Speaker 4: didn't have this big technological innovation of AI, it's very

58
00:02:54,880 --> 00:02:57,239
Speaker 4: difficult to measure it. So you have to take into

59
00:02:57,280 --> 00:03:00,480
Speaker 4: account that there's uncertainty around productivity growth. I mean, some

60
00:03:00,600 --> 00:03:03,360
Speaker 4: estimates say that we're still in a low productivity regime.

61
00:03:04,760 --> 00:03:07,680
Speaker 4: Other restamates are saying, well, let's look forward, maybe we're

62
00:03:07,720 --> 00:03:09,800
Speaker 4: going to be in a higher But for the FED

63
00:03:09,960 --> 00:03:12,560
Speaker 4: right now, right, that's not sort of the focus. The

64
00:03:12,600 --> 00:03:17,880
Speaker 4: focus is, you know, are we calibrated, Well, it's policy calibrating.

65
00:03:17,919 --> 00:03:20,600
Speaker 1: Well, to the CAT, you've been great on this. She

66
00:03:20,800 --> 00:03:23,040
Speaker 1: just said they're not focused on productivity.

67
00:03:23,320 --> 00:03:27,519
Speaker 2: We have to be because business leaders every day are

68
00:03:27,560 --> 00:03:30,000
Speaker 2: focused on those outcomes, and they're investment.

69
00:03:30,040 --> 00:03:32,640
Speaker 5: Well, they've sort of been forced to by inflation and

70
00:03:32,680 --> 00:03:35,000
Speaker 5: a lack of workers, and they've been forced to put

71
00:03:35,800 --> 00:03:37,640
Speaker 5: investment into productivity.

72
00:03:37,720 --> 00:03:40,440
Speaker 1: We'll see if it starts to pay off. But Loretta

73
00:03:40,520 --> 00:03:40,840
Speaker 1: is right.

74
00:03:40,720 --> 00:03:42,960
Speaker 5: At the moment, you know, you don't, you're not seeing it.

75
00:03:43,040 --> 00:03:45,160
Speaker 1: But that's not the key for them.

76
00:03:45,640 --> 00:03:48,720
Speaker 5: But I do want to know how you respond to

77
00:03:48,760 --> 00:03:52,880
Speaker 5: the criticism that the Fed has not communicated well what

78
00:03:53,040 --> 00:03:57,440
Speaker 5: it's thinking and what it's planning, or if not planning,

79
00:03:57,480 --> 00:04:00,360
Speaker 5: you know, what are the potential outcomes because we've some

80
00:04:00,440 --> 00:04:03,080
Speaker 5: very wild swings in the markets as data comes around.

81
00:04:03,560 --> 00:04:05,680
Speaker 1: Have you said data dependent too much?

82
00:04:06,560 --> 00:04:09,720
Speaker 4: I think there's a misunderstanding what data dependant means, and

83
00:04:09,760 --> 00:04:13,760
Speaker 4: that means that I think Chairpal today will be explaining

84
00:04:14,360 --> 00:04:18,880
Speaker 4: where he sees policy going, not necessarily at the next meeting,

85
00:04:18,920 --> 00:04:21,279
Speaker 4: whether fifteen to twenty five, which in some sense is

86
00:04:21,320 --> 00:04:24,359
Speaker 4: really not the big issue. I know for financial markets

87
00:04:24,640 --> 00:04:27,120
Speaker 4: it is, but not in terms of monetary policy. It's

88
00:04:27,160 --> 00:04:30,599
Speaker 4: really what's the path forward? Are we beginning now to

89
00:04:30,760 --> 00:04:34,760
Speaker 4: bring policy down and the pace, of course, and the

90
00:04:35,000 --> 00:04:38,560
Speaker 4: magnitude eventually of how far our indust rates go down

91
00:04:38,640 --> 00:04:41,680
Speaker 4: that's going to depend on how the economy evolves, right,

92
00:04:41,720 --> 00:04:44,000
Speaker 4: But we're going to enter this new phase, I think,

93
00:04:44,120 --> 00:04:48,039
Speaker 4: and appropriately so in July. I probably wouldn't have supported

94
00:04:48,560 --> 00:04:50,640
Speaker 4: actually moving the rate down in July, and of course

95
00:04:50,680 --> 00:04:53,080
Speaker 4: the Committee didn't, but I could have made a case

96
00:04:53,160 --> 00:04:56,040
Speaker 4: for it. And that's a change, right, that's the economy

97
00:04:56,080 --> 00:04:59,000
Speaker 4: has changed enough, Inflation has come down quite a bit.

98
00:04:59,440 --> 00:05:01,640
Speaker 4: It's on a path I think where we can be

99
00:05:01,680 --> 00:05:04,200
Speaker 4: pretty confident it'll get back to two percent. And now

100
00:05:04,279 --> 00:05:06,359
Speaker 4: we really have to balance both sides of the mandate.

101
00:05:06,520 --> 00:05:10,040
Speaker 4: So it's basically keep the momentum going on inflation at

102
00:05:10,040 --> 00:05:13,560
Speaker 4: the same time making sure that labor markets remain healthy.

103
00:05:14,040 --> 00:05:16,320
Speaker 5: What do you think it would take for the committee

104
00:05:16,320 --> 00:05:18,920
Speaker 5: to decide you needed to do more than the standard

105
00:05:18,920 --> 00:05:20,880
Speaker 5: twenty five basis point cut?

106
00:05:21,160 --> 00:05:24,040
Speaker 4: So I think it would have to be that, you know,

107
00:05:24,560 --> 00:05:27,440
Speaker 4: somehow they thought they were a little behind and they

108
00:05:27,480 --> 00:05:29,640
Speaker 4: needed to catch up, and frankly, I don't see that

109
00:05:29,720 --> 00:05:31,839
Speaker 4: in the data. I think they're actually in a very

110
00:05:31,839 --> 00:05:35,080
Speaker 4: good place now. If it turns out that, you know,

111
00:05:35,160 --> 00:05:37,720
Speaker 4: the forecasts are saying, wow, you know, we may be

112
00:05:37,960 --> 00:05:43,760
Speaker 4: seeing the moderation in labor markets being more than moderation

113
00:05:43,839 --> 00:05:46,520
Speaker 4: and we actually see a weakening, they may have to

114
00:05:46,560 --> 00:05:49,720
Speaker 4: adjust that and then do more. But I think there's

115
00:05:49,720 --> 00:05:51,919
Speaker 4: sort of a record if you think about when we

116
00:05:52,000 --> 00:05:55,560
Speaker 4: started to raise rates, right, we started at the twenty five,

117
00:05:55,600 --> 00:05:57,640
Speaker 4: then at fifty, then we did our seventy five, and

118
00:05:57,680 --> 00:06:00,919
Speaker 4: that's sort of the preferred paths. That means you know,

119
00:06:01,320 --> 00:06:04,080
Speaker 4: you're not doing too much too ahead of time. And

120
00:06:04,120 --> 00:06:06,200
Speaker 4: the other thing I think I would be worried about

121
00:06:06,279 --> 00:06:09,200
Speaker 4: is if you do a fifty to start with the

122
00:06:09,240 --> 00:06:12,120
Speaker 4: market send you know, building even more. And I think

123
00:06:12,160 --> 00:06:14,400
Speaker 4: that's a calibration that you have to think about when

124
00:06:14,440 --> 00:06:18,760
Speaker 4: you're doing this. So I think being steady right, thinking

125
00:06:18,800 --> 00:06:22,080
Speaker 4: about what the right pace is gear to how the

126
00:06:22,120 --> 00:06:25,080
Speaker 4: economy is working and evolving, it's the right way to go.

127
00:06:25,360 --> 00:06:27,560
Speaker 3: You said that you expect j. Powell to come out

128
00:06:27,600 --> 00:06:29,279
Speaker 3: and give a sense of where we're going, and I

129
00:06:29,279 --> 00:06:31,200
Speaker 3: think that's actually the frustration for a lot of people

130
00:06:31,240 --> 00:06:33,680
Speaker 3: in markets. We don't know where we're going. We don't

131
00:06:33,720 --> 00:06:36,080
Speaker 3: have a sense of what the neutral rate is. Right now,

132
00:06:36,080 --> 00:06:38,360
Speaker 3: the market has about two hundred basis points of rate

133
00:06:38,400 --> 00:06:40,680
Speaker 3: cuts priced in by the end of next year. Is

134
00:06:40,720 --> 00:06:42,520
Speaker 3: that appropriate? What is neutral?

135
00:06:42,640 --> 00:06:45,919
Speaker 4: Well? Remember what the markets are doing is and appropriately

136
00:06:45,960 --> 00:06:48,599
Speaker 4: so looking at different scenarios, right, and they're waiting and

137
00:06:48,600 --> 00:06:50,800
Speaker 4: then when they when you get those kind of things

138
00:06:50,800 --> 00:06:52,719
Speaker 4: out of the financial markets about how many rate cuts,

139
00:06:52,720 --> 00:06:56,039
Speaker 4: it's balancing different scenarios. When the fence talking about you

140
00:06:56,080 --> 00:06:58,800
Speaker 4: know where they're seeing is they're talking about, here's what

141
00:06:58,839 --> 00:07:02,000
Speaker 4: we think is if the economy evolves as we expect,

142
00:07:02,520 --> 00:07:05,760
Speaker 4: wouldn't be appropriate policy path. But they also have to

143
00:07:05,800 --> 00:07:08,839
Speaker 4: think through alternative scenarios too, So it's kind of a

144
00:07:09,000 --> 00:07:13,280
Speaker 4: different answer or different question answer to a question, and

145
00:07:13,320 --> 00:07:17,080
Speaker 4: that's I think the frustration is that the FED is

146
00:07:17,120 --> 00:07:19,760
Speaker 4: trying to answer a different question is here's where we

147
00:07:19,800 --> 00:07:22,720
Speaker 4: see policy going, But of course they don't want to

148
00:07:22,720 --> 00:07:25,800
Speaker 4: commit themselves to something because the economy could evolve differently,

149
00:07:26,080 --> 00:07:27,600
Speaker 4: and that's been hard to communicate.

150
00:07:28,400 --> 00:07:33,520
Speaker 5: You founded an inflation lab at the Cleveland FED.

151
00:07:34,360 --> 00:07:37,040
Speaker 1: What do you think inflation dynamics are now?

152
00:07:37,120 --> 00:07:41,200
Speaker 5: Is this a completely different kind of situation post pandemic

153
00:07:41,560 --> 00:07:45,640
Speaker 5: than models coming out of other recessions have.

154
00:07:46,880 --> 00:07:49,480
Speaker 4: Worked with well, I think one thing that we saw

155
00:07:49,640 --> 00:07:53,160
Speaker 4: during the pandemic and the aftermath was that the supply side,

156
00:07:53,800 --> 00:07:56,800
Speaker 4: right had a lot to do with inflation dynamics. But

157
00:07:57,000 --> 00:08:00,640
Speaker 4: the key thing to remember is that those supplies shocks

158
00:08:01,040 --> 00:08:05,080
Speaker 4: would not have necessarily resulted in higher inflation if we

159
00:08:05,160 --> 00:08:08,720
Speaker 4: hadn't had a very strong demand side of the economy.

160
00:08:08,760 --> 00:08:11,920
Speaker 4: So it's this balance between supplying demand. Typically right in

161
00:08:11,960 --> 00:08:14,720
Speaker 4: the past, right, it was all about demand. Supply you

162
00:08:14,720 --> 00:08:17,920
Speaker 4: could sort of say it was sort of stable, and

163
00:08:17,960 --> 00:08:20,080
Speaker 4: it was all about how demand was moving around. In

164
00:08:20,120 --> 00:08:23,520
Speaker 4: this event, right, it was both supply and demand, and

165
00:08:23,560 --> 00:08:26,040
Speaker 4: that made it more challenging. And so in that sense,

166
00:08:26,120 --> 00:08:30,520
Speaker 4: I think there's a renewed understanding that dynamics on inflation.

167
00:08:31,200 --> 00:08:34,520
Speaker 4: It's both sides, it's supply and demand, and understanding both

168
00:08:34,960 --> 00:08:37,040
Speaker 4: I think is going to be a focus going forward.

169
00:08:37,160 --> 00:08:39,360
Speaker 5: Well as if it goes into its review process for

170
00:08:39,480 --> 00:08:44,640
Speaker 5: its monetary policy framework, does what happened change the way

171
00:08:44,679 --> 00:08:48,079
Speaker 5: you think the committee should look at policy? In other words,

172
00:08:48,200 --> 00:08:50,680
Speaker 5: maybe you want to be a little bit more preemptive

173
00:08:50,720 --> 00:08:51,240
Speaker 5: than you were.

174
00:08:51,840 --> 00:08:54,800
Speaker 4: So, I know a lot of people characterized the FED

175
00:08:55,200 --> 00:08:57,800
Speaker 4: in the framework that came out in twenty twenty as

176
00:08:58,440 --> 00:09:01,240
Speaker 4: walking away from being preempted, But if you actually look

177
00:09:01,240 --> 00:09:04,280
Speaker 4: at the language in there still says preempto. I agree

178
00:09:04,280 --> 00:09:07,079
Speaker 4: with you that it sounded like we were just being

179
00:09:07,160 --> 00:09:10,800
Speaker 4: data dependent in the moment, But we've always were focused

180
00:09:10,840 --> 00:09:13,640
Speaker 4: on where is the economy going? So it's data coming in.

181
00:09:14,400 --> 00:09:18,479
Speaker 4: Assess that data relative to your outlook. If it's materially

182
00:09:18,520 --> 00:09:20,920
Speaker 4: different than you expect, you might have to change your outlook,

183
00:09:21,000 --> 00:09:24,520
Speaker 4: and therefore you might have to change policy, your policy

184
00:09:24,559 --> 00:09:28,199
Speaker 4: expected policy paths. So I think we've always been forward looking.

185
00:09:28,320 --> 00:09:31,320
Speaker 4: I expect the FED to remain forward looking. They may

186
00:09:31,480 --> 00:09:34,480
Speaker 4: change the language in the statement so that that's a

187
00:09:34,480 --> 00:09:37,280
Speaker 4: little bit more transparent, if you will, so that people

188
00:09:37,280 --> 00:09:40,720
Speaker 4: actually understand that, you know, policy has to look forward.

189
00:09:41,000 --> 00:09:42,920
Speaker 2: I would never ask you this question if you're on

190
00:09:42,960 --> 00:09:45,400
Speaker 2: the watch, But now that you're gainfully retired and in

191
00:09:45,440 --> 00:09:47,440
Speaker 2: the real world, I'm going to ask you this question.

192
00:09:47,960 --> 00:09:52,559
Speaker 2: Cleveland has reasonable real estate, but Shaker Heights as a boom.

193
00:09:52,480 --> 00:09:53,840
Speaker 1: Real estate economy.

194
00:09:54,160 --> 00:09:57,280
Speaker 2: And part of that asset success of Shaker Heights in

195
00:09:57,320 --> 00:10:01,320
Speaker 2: the Shaker Heights of America is the gains the halves

196
00:10:01,400 --> 00:10:05,480
Speaker 2: are getting from this financial system. How does the FED

197
00:10:05,600 --> 00:10:10,079
Speaker 2: distribute the benefit more across America? Rather than this illusion

198
00:10:10,400 --> 00:10:13,080
Speaker 2: that only the have nots that own the havelves that

199
00:10:13,160 --> 00:10:14,880
Speaker 2: own Nvidia are making way.

200
00:10:14,960 --> 00:10:19,920
Speaker 4: Yeah, I mean, the FED always focuses on the macro economy, right,

201
00:10:19,960 --> 00:10:23,280
Speaker 4: it doesn't have tools that can really do much about

202
00:10:23,440 --> 00:10:28,400
Speaker 4: red distributing or fairness or making sure that everyone gains.

203
00:10:28,440 --> 00:10:30,920
Speaker 4: But what we can do at the FED, and what

204
00:10:31,000 --> 00:10:33,200
Speaker 4: the new committee will be doing at the FED, is

205
00:10:33,280 --> 00:10:37,360
Speaker 4: making sure that we maintain healthy labor markets, which again

206
00:10:37,480 --> 00:10:43,040
Speaker 4: helps distribute and brings inflation, and you know, the inflation

207
00:10:43,200 --> 00:10:46,439
Speaker 4: rate down and getting back to price stability is also

208
00:10:46,600 --> 00:10:49,120
Speaker 4: very key to having a strong economy so that everyone

209
00:10:49,120 --> 00:10:52,080
Speaker 4: can prosper from the economy. The FED really can't do

210
00:10:52,160 --> 00:10:54,320
Speaker 4: the other part of what you're talking about, and that's

211
00:10:54,360 --> 00:10:57,440
Speaker 4: what the federal government policies are about, and the fiscal

212
00:10:57,480 --> 00:10:58,319
Speaker 4: policy is about.

213
00:10:58,640 --> 00:10:59,960
Speaker 3: We thought that you were going to retire and pelt

214
00:11:00,120 --> 00:11:03,880
Speaker 3: homes you try to offset some of the supply issues. Lreida,

215
00:11:03,920 --> 00:11:06,959
Speaker 3: there is this question Mike was talking about how the

216
00:11:07,000 --> 00:11:09,800
Speaker 3: Queen of Inflation studies and how the Cleveland FED really

217
00:11:09,800 --> 00:11:12,560
Speaker 3: does have an incredible metric for that. Do you have

218
00:11:12,600 --> 00:11:15,520
Speaker 3: a sense of how much more inflationary this post pandemic

219
00:11:15,520 --> 00:11:18,480
Speaker 3: economy is and that really speaks to what is the

220
00:11:18,520 --> 00:11:19,120
Speaker 3: new neutral.

221
00:11:21,320 --> 00:11:25,280
Speaker 4: Well, there are certain factors that really affect inflation, right,

222
00:11:25,320 --> 00:11:28,480
Speaker 4: But the basics are similar to what we saw before. Right.

223
00:11:28,640 --> 00:11:32,360
Speaker 4: Inflation expectations are still an important driver of inflation. Making

224
00:11:32,360 --> 00:11:36,680
Speaker 4: sure they remain stable is helping to keep inflation moving down,

225
00:11:36,760 --> 00:11:40,480
Speaker 4: which is important. Supply side conditions matter, and the labor

226
00:11:40,480 --> 00:11:42,720
Speaker 4: market tightness matters. We're going to hear a paper at

227
00:11:42,760 --> 00:11:46,240
Speaker 4: Jackson Home that's really addressing that how much tightness in

228
00:11:46,240 --> 00:11:50,240
Speaker 4: the labor market affects what you might see when demand

229
00:11:50,280 --> 00:11:53,200
Speaker 4: gets out of whack with supply. So again it's the

230
00:11:53,280 --> 00:11:56,520
Speaker 4: same basic factors, but of course the supply side during

231
00:11:56,520 --> 00:11:59,520
Speaker 4: the pandemic changed quite a bit, and those factors are

232
00:11:59,559 --> 00:12:02,200
Speaker 4: going to be I think more significant going forward than

233
00:12:02,320 --> 00:12:03,680
Speaker 4: perhaps they were in the past.

234
00:12:03,800 --> 00:12:05,720
Speaker 3: Are you having more fun now that you're not on

235
00:12:06,040 --> 00:12:06,719
Speaker 3: the committee?

236
00:12:06,800 --> 00:12:07,560
Speaker 4: I'm having fun.

237
00:12:08,960 --> 00:12:12,120
Speaker 3: Well, hopefully you can go hiking or enjoy the beautiful

238
00:12:12,240 --> 00:12:16,680
Speaker 3: Wyoming Lordemester formerly of the Cleveland Federal Reserve. Just going

239
00:12:16,720 --> 00:12:19,160
Speaker 3: back to the end of June when you step down,

240
00:12:19,240 --> 00:12:22,119
Speaker 3: and she is here for the first time in ten years,

241
00:12:22,760 --> 00:12:25,280
Speaker 3: not as a member of the committee, but as a

242
00:12:25,320 --> 00:12:28,120
Speaker 3: civilian who is planning to do lots of things in

243
00:12:28,160 --> 00:12:28,840
Speaker 3: her free time.