1 00:00:00,280 --> 00:00:03,240 Speaker 1: We'd like to welcome Austin Golsby to our broadcast have 2 00:00:03,320 --> 00:00:07,120 Speaker 1: bounce power here on Bloomberg Television and on radio worldwide. 3 00:00:07,440 --> 00:00:09,840 Speaker 2: Austin, you heard us talking here. 4 00:00:09,960 --> 00:00:13,200 Speaker 1: Twenty two thousand jobs, four point three percent unemployment. 5 00:00:13,760 --> 00:00:15,360 Speaker 2: How's that economy of yours holding up? 6 00:00:17,000 --> 00:00:17,400 Speaker 3: Well? 7 00:00:17,680 --> 00:00:20,520 Speaker 4: You know, you never make too much of any one month, 8 00:00:20,600 --> 00:00:24,120 Speaker 4: but it's definitely below what we would consider the break even. 9 00:00:24,560 --> 00:00:25,480 Speaker 3: For job growth. 10 00:00:26,400 --> 00:00:29,240 Speaker 4: The only thing I want to highlight is we're getting 11 00:00:29,400 --> 00:00:31,960 Speaker 4: some cross currents in the data, and so we want 12 00:00:32,000 --> 00:00:35,599 Speaker 4: to be careful thinking about where we are in the 13 00:00:35,800 --> 00:00:41,400 Speaker 4: business cycle. We know that in twenty twenty four, and 14 00:00:41,479 --> 00:00:45,720 Speaker 4: going back into twenty twenty three as well, when immigration 15 00:00:46,080 --> 00:00:49,800 Speaker 4: was high, we were getting jobs numbers of one hundred 16 00:00:49,800 --> 00:00:53,279 Speaker 4: and eighty five thousand a month, which was faster than 17 00:00:53,280 --> 00:00:56,520 Speaker 4: the break even, but it wasn't a very good indication 18 00:00:56,640 --> 00:00:59,080 Speaker 4: of where we were in the business cycle. And that 19 00:00:59,160 --> 00:01:02,319 Speaker 4: could be at work in these numbers too, that they 20 00:01:02,360 --> 00:01:07,680 Speaker 4: could be artificially lower than the break even because immigration's 21 00:01:07,720 --> 00:01:10,480 Speaker 4: going the other way and labor supply the other way. 22 00:01:11,040 --> 00:01:15,280 Speaker 4: So for me, I like looking at a at a 23 00:01:15,520 --> 00:01:18,520 Speaker 4: broader portfolio of numbers, and I think things that are 24 00:01:18,640 --> 00:01:22,360 Speaker 4: rates and ratios prove to be a little more accurate 25 00:01:22,480 --> 00:01:27,000 Speaker 4: as indicators of business cycle last year. Those include the 26 00:01:27,040 --> 00:01:31,399 Speaker 4: unemployment rate, the layoff rate, the vacancy rate, the hiring rate. 27 00:01:31,600 --> 00:01:33,960 Speaker 3: And you see a million of those. 28 00:01:35,120 --> 00:01:39,320 Speaker 2: You've called them the four horsemen of the labor. 29 00:01:38,800 --> 00:01:40,800 Speaker 3: Four horsemen of truth on the labor market. 30 00:01:40,920 --> 00:01:45,680 Speaker 1: Yeah, the labor market does seem though to have deteriorated some. 31 00:01:45,800 --> 00:01:48,880 Speaker 1: Does this report today basically lock in or rate cut 32 00:01:48,920 --> 00:01:54,880 Speaker 1: for September seventeenth. 33 00:01:52,520 --> 00:01:53,400 Speaker 3: You know the rules. 34 00:01:53,760 --> 00:01:56,240 Speaker 4: I'm not allowed to speak for the rest of the FED, 35 00:01:56,320 --> 00:01:59,640 Speaker 4: the FMC. IM only speaking for myself. I want to 36 00:01:59,680 --> 00:02:06,040 Speaker 4: get more information. I'm still undecided as we're going into this, 37 00:02:06,400 --> 00:02:10,400 Speaker 4: if it looks like the labor market is deteriorating on 38 00:02:10,560 --> 00:02:13,760 Speaker 4: grounds more than just the monthly payroll numbers, because I 39 00:02:13,800 --> 00:02:19,079 Speaker 4: want to emphasize again when you have population growth changing 40 00:02:19,120 --> 00:02:23,920 Speaker 4: around behind the scenes, just the aggregate monthly payroll growth 41 00:02:24,240 --> 00:02:27,680 Speaker 4: is not a great indicator of the business cycle. If 42 00:02:27,720 --> 00:02:33,320 Speaker 4: we start to see deterioration across all the four horsemen 43 00:02:33,360 --> 00:02:36,800 Speaker 4: of truth in the labor market, the unemployment rate, the 44 00:02:36,919 --> 00:02:40,600 Speaker 4: hiring rate, if we were to start seeing layoffs, then 45 00:02:41,000 --> 00:02:43,399 Speaker 4: I think we would be nervous on the employment side 46 00:02:43,400 --> 00:02:47,200 Speaker 4: of the mandate, but we can't disregard we got to 47 00:02:47,200 --> 00:02:52,240 Speaker 4: look at the inflation side too, and the more mild 48 00:02:52,400 --> 00:02:55,840 Speaker 4: numbers we get on inflation, the better I'll feel about 49 00:02:55,880 --> 00:02:59,120 Speaker 4: just focusing on the labor market. But in the last 50 00:02:59,360 --> 00:03:04,600 Speaker 4: inflation reports, we also had this uptick in inflation coming 51 00:03:04,600 --> 00:03:07,200 Speaker 4: from services, so I think we want to make sure 52 00:03:07,240 --> 00:03:10,200 Speaker 4: that that that's more of a blip. 53 00:03:10,280 --> 00:03:13,400 Speaker 3: And not a more ominous indicator. 54 00:03:14,440 --> 00:03:16,920 Speaker 1: Well, let me ask this, because you'll be in the 55 00:03:16,919 --> 00:03:20,000 Speaker 1: blackout when we get the CPI report next week, what 56 00:03:20,120 --> 00:03:22,679 Speaker 1: would it take for you to hold off on a 57 00:03:22,800 --> 00:03:25,600 Speaker 1: rate cut in terms of an inflation result. 58 00:03:27,600 --> 00:03:30,640 Speaker 4: I don't It's not going to be a specific number 59 00:03:30,680 --> 00:03:33,720 Speaker 4: of if you saw x number, then you would change. 60 00:03:33,840 --> 00:03:36,480 Speaker 4: It would be we're trying to get the through line 61 00:03:36,600 --> 00:03:40,200 Speaker 4: of where the economy is, and one side of that 62 00:03:41,160 --> 00:03:45,360 Speaker 4: shows relative weakness in the job market, at least measured 63 00:03:45,400 --> 00:03:51,560 Speaker 4: by monthly payroll more stability looking at more accurate measures. 64 00:03:52,920 --> 00:03:57,280 Speaker 4: And then on the other side, if the inflation numbers 65 00:03:57,320 --> 00:04:02,680 Speaker 4: come in and they give some indicationtion that the that 66 00:04:02,760 --> 00:04:06,840 Speaker 4: the inflation from tariffs is not looking to be persistent, 67 00:04:07,600 --> 00:04:13,480 Speaker 4: or that the uptick in inflation on services again does 68 00:04:13,560 --> 00:04:17,680 Speaker 4: not look to be persistent, looks to be more like 69 00:04:17,720 --> 00:04:21,320 Speaker 4: it was just a temporary blip in the data. Then 70 00:04:21,400 --> 00:04:25,360 Speaker 4: that would that would provide comfort to me that we're 71 00:04:25,400 --> 00:04:27,960 Speaker 4: still on the what I was calling the golden path, 72 00:04:28,200 --> 00:04:30,159 Speaker 4: and that race can come down a fair amount. 73 00:04:31,600 --> 00:04:34,880 Speaker 1: Well, the administration thinks that you've fallen off the path. 74 00:04:35,040 --> 00:04:40,560 Speaker 1: The universal response from administration officials today, including the President, 75 00:04:40,760 --> 00:04:43,560 Speaker 1: is that you're still too late, that you should have 76 00:04:43,640 --> 00:04:44,480 Speaker 1: been cutting earlier. 77 00:04:48,160 --> 00:04:50,320 Speaker 3: Factually, yes, that is what they said. 78 00:04:51,080 --> 00:04:54,560 Speaker 4: My view is, we go to the f o MC 79 00:04:54,839 --> 00:04:58,680 Speaker 4: meeting and we look at the data and the economic 80 00:04:58,760 --> 00:05:01,120 Speaker 4: outlook as best we can can to figure out the 81 00:05:01,160 --> 00:05:05,000 Speaker 4: through line. A lot of people outside the FMC have 82 00:05:05,080 --> 00:05:09,039 Speaker 4: a lot of opinions, but the independence of the monetary 83 00:05:09,080 --> 00:05:13,520 Speaker 4: authority from political interference is critically important if we don't 84 00:05:13,560 --> 00:05:14,799 Speaker 4: want inflation to come. 85 00:05:14,640 --> 00:05:19,760 Speaker 1: Back, well for the economy's sake, are you behind the curve? 86 00:05:22,960 --> 00:05:25,839 Speaker 4: It depends what you make of what the through line 87 00:05:25,920 --> 00:05:28,440 Speaker 4: is on the economy. So as I say, if you 88 00:05:28,520 --> 00:05:32,240 Speaker 4: take the payroll employment numbers, they show weakness. If you 89 00:05:32,360 --> 00:05:36,120 Speaker 4: take the open job vacancy rate, or you look at 90 00:05:36,160 --> 00:05:39,240 Speaker 4: the layoff rate, they don't show weakness. They show pretty 91 00:05:39,279 --> 00:05:43,160 Speaker 4: stable full employment kind of values sort of where they 92 00:05:43,200 --> 00:05:47,800 Speaker 4: were sometimes even better than they were pre COVID in 93 00:05:47,839 --> 00:05:50,440 Speaker 4: what was a pretty tight labor market. And on the 94 00:05:50,440 --> 00:05:55,239 Speaker 4: inflation side, we've had some really benign readings which would 95 00:05:55,920 --> 00:06:00,960 Speaker 4: not give you any indigestion on that side. But we 96 00:06:01,120 --> 00:06:05,240 Speaker 4: now have at least one report where you see services 97 00:06:06,279 --> 00:06:09,600 Speaker 4: inflation bumping up, and services inflation is not a thing 98 00:06:10,080 --> 00:06:15,800 Speaker 4: that would likely be coming from tariffs, so would tend 99 00:06:15,839 --> 00:06:19,960 Speaker 4: not to be a one time cost increase. So we 100 00:06:20,080 --> 00:06:22,560 Speaker 4: got some currents that we have to balance out here, 101 00:06:22,960 --> 00:06:27,360 Speaker 4: and that's fine. This is what always happens. There are 102 00:06:27,680 --> 00:06:32,680 Speaker 4: conditions change. The central bank is supposed to be the 103 00:06:32,720 --> 00:06:37,480 Speaker 4: steady hand, and there's political argument, and there are market 104 00:06:37,600 --> 00:06:40,200 Speaker 4: arguments up down sideways. 105 00:06:40,560 --> 00:06:42,960 Speaker 3: They have a lot of variability. 106 00:06:42,839 --> 00:06:46,200 Speaker 4: And as I say, we're supposed to be taking the 107 00:06:46,240 --> 00:06:48,280 Speaker 4: steady hand and figuring out the through line. 108 00:06:49,760 --> 00:06:51,920 Speaker 1: The President's argument seems to be, at least the way 109 00:06:51,920 --> 00:06:54,599 Speaker 1: he was talking last night, is yeah, these numbers may 110 00:06:54,760 --> 00:06:59,040 Speaker 1: be bad, but kind of challenge. Channeling his inner Brooklyn 111 00:06:59,080 --> 00:07:03,000 Speaker 1: Dodger fan, he said, wait till next year. Next year, 112 00:07:03,040 --> 00:07:05,719 Speaker 1: when all these tech palaces are built, We're going to 113 00:07:05,720 --> 00:07:07,880 Speaker 1: see hiring like crazy. You've got to put in a 114 00:07:07,920 --> 00:07:12,640 Speaker 1: new forecast for unemployment and for inflation at the next meeting. 115 00:07:13,000 --> 00:07:16,600 Speaker 1: Do you see a rebound ahead and stronger economic growth 116 00:07:16,680 --> 00:07:22,400 Speaker 1: and employment growth in twenty twenty six, Yes. 117 00:07:22,560 --> 00:07:28,160 Speaker 4: I mean I think the to me, until we get 118 00:07:28,760 --> 00:07:33,080 Speaker 4: more convincing evidence otherwise, I still think we're most likely 119 00:07:33,240 --> 00:07:38,040 Speaker 4: in a kind of a full employment space where we're generating. 120 00:07:37,600 --> 00:07:39,960 Speaker 3: Jobs in the economy continues to grow. 121 00:07:40,160 --> 00:07:46,120 Speaker 4: This slowed down in payroll employment, the aggregate jobs number, 122 00:07:47,040 --> 00:07:50,320 Speaker 4: as I say, you got to be extremely careful taking 123 00:07:50,360 --> 00:07:54,000 Speaker 4: that as an indicator of the business cycle when things 124 00:07:54,240 --> 00:07:59,680 Speaker 4: like immigration or labor supply and labor force participation are 125 00:07:59,760 --> 00:08:03,960 Speaker 4: moved around behind the scenes. So to the extent that 126 00:08:04,080 --> 00:08:06,880 Speaker 4: anybody's saying they think it's a strong job market and 127 00:08:06,920 --> 00:08:10,160 Speaker 4: the job market may get even stronger going into twenty six, 128 00:08:10,760 --> 00:08:17,400 Speaker 4: that's entirely a possibility. And if it is, to me, 129 00:08:17,720 --> 00:08:22,120 Speaker 4: that's still on the golden path, that we're around stable 130 00:08:22,160 --> 00:08:22,840 Speaker 4: fuel employment. 131 00:08:24,880 --> 00:08:29,239 Speaker 1: We can't, unfortunately, avoid politics in these situations these days. 132 00:08:29,280 --> 00:08:32,880 Speaker 1: Just a few hours ago, Treasury Secretary Scott Bessen came 133 00:08:32,880 --> 00:08:35,320 Speaker 1: out with quite a broadside against the Fed in the 134 00:08:35,320 --> 00:08:38,439 Speaker 1: Wall Street Journal, laying out a lengthy bill of particulars 135 00:08:38,800 --> 00:08:42,559 Speaker 1: against the central Bank. Your research is bad, your forecasts 136 00:08:42,600 --> 00:08:46,880 Speaker 1: are bad. You've contributed greatly to income inequality. You've destroyed 137 00:08:46,880 --> 00:08:50,360 Speaker 1: the housing market, blurred the lines between fiscal and monetary policy, 138 00:08:50,840 --> 00:08:54,840 Speaker 1: and created a culture in Washington where policymakers rely on 139 00:08:54,880 --> 00:08:57,560 Speaker 1: the FED to bail them out after they make poor 140 00:08:57,600 --> 00:09:01,520 Speaker 1: fiscal choices. These criticisms fair or unfair. 141 00:09:03,240 --> 00:09:07,920 Speaker 4: Look, that's for the American people, or the pundits or 142 00:09:08,200 --> 00:09:11,000 Speaker 4: somebody to decide. Like I say, what we do at 143 00:09:11,040 --> 00:09:14,920 Speaker 4: the Federal Open Market Committee is go down there as 144 00:09:14,960 --> 00:09:18,880 Speaker 4: a collection and do what the law requires us to do. 145 00:09:19,040 --> 00:09:24,360 Speaker 4: That is set monetary policy based on maximizing employment and 146 00:09:24,400 --> 00:09:28,400 Speaker 4: stabilizing the prices. At a moment like this, where we're 147 00:09:28,400 --> 00:09:32,040 Speaker 4: getting shocks that are pushing us in a stagflationary direction, 148 00:09:33,080 --> 00:09:38,000 Speaker 4: driving down employment and driving up prices simultaneously, that's a 149 00:09:38,040 --> 00:09:40,040 Speaker 4: difficult environment for the central. 150 00:09:39,720 --> 00:09:40,320 Speaker 3: Bank to be in. 151 00:09:41,080 --> 00:09:44,560 Speaker 4: I've been in the FED for coming on three years, 152 00:09:44,880 --> 00:09:49,880 Speaker 4: so I don't know about the long historical litany of 153 00:09:50,480 --> 00:09:55,320 Speaker 4: complaints that someone might have. Overall, we just go there 154 00:09:55,320 --> 00:09:57,959 Speaker 4: and do our job. That's what the law requires us 155 00:09:57,960 --> 00:09:59,959 Speaker 4: to do, and so I'm not going to get it. 156 00:10:00,080 --> 00:10:03,680 Speaker 4: And a political argument about it, well. 157 00:10:03,679 --> 00:10:06,719 Speaker 1: Let me ask ask it this way. One of the 158 00:10:06,840 --> 00:10:09,120 Speaker 1: criticisms he makes is that the FED has. 159 00:10:09,000 --> 00:10:10,520 Speaker 2: A gain of function problem. 160 00:10:10,520 --> 00:10:13,160 Speaker 1: In other words, since the Great Financial Crisis, you've had 161 00:10:13,160 --> 00:10:16,640 Speaker 1: a lot of tools to the toolbox, including quantitative easing, 162 00:10:16,720 --> 00:10:20,040 Speaker 1: forward guidance, things like that, and the FED also straight 163 00:10:20,200 --> 00:10:23,680 Speaker 1: into climate change. You've heard those arguments before and other 164 00:10:23,760 --> 00:10:25,679 Speaker 1: things like that the fate. 165 00:10:28,120 --> 00:10:30,200 Speaker 2: Idea for inflation. 166 00:10:31,440 --> 00:10:34,800 Speaker 1: Are any of those valid and anybody at the FED 167 00:10:34,880 --> 00:10:38,800 Speaker 1: working on whether or not they have worked as you 168 00:10:38,960 --> 00:10:41,000 Speaker 1: hoped and should be kept in the toolbox. 169 00:10:42,559 --> 00:10:46,280 Speaker 4: Well, yes, people are working and thinking about that all 170 00:10:46,280 --> 00:10:50,040 Speaker 4: the time, both at the FED and among economic researchers 171 00:10:50,040 --> 00:10:53,720 Speaker 4: and monetary researchers around the country. As I say, these 172 00:10:53,720 --> 00:10:55,840 Speaker 4: are a bunch of things that are from the years 173 00:10:55,880 --> 00:10:58,200 Speaker 4: before I was at the FED, I'm certainly not going 174 00:10:58,280 --> 00:11:01,120 Speaker 4: to speak to them. I don't have any privileged information 175 00:11:01,240 --> 00:11:06,559 Speaker 4: about how those were determined. I think on overall dual 176 00:11:06,600 --> 00:11:10,120 Speaker 4: mandate grounds, you have to say that as you look 177 00:11:10,160 --> 00:11:14,400 Speaker 4: at twenty twenty three and twenty twenty four, we've got 178 00:11:14,440 --> 00:11:17,560 Speaker 4: the inflation, we're coming off a period where inflation was 179 00:11:17,640 --> 00:11:21,360 Speaker 4: well higher than the two percent inflation target, but we 180 00:11:21,640 --> 00:11:25,800 Speaker 4: succeeded in getting inflation down almost as much as it 181 00:11:25,880 --> 00:11:29,080 Speaker 4: has ever fallen in a single year, and for the 182 00:11:29,120 --> 00:11:33,800 Speaker 4: first time ever in the United States and probably of 183 00:11:33,880 --> 00:11:37,439 Speaker 4: any rich country in the world, we had that massive 184 00:11:37,480 --> 00:11:41,800 Speaker 4: up drop of inflation without having a recession, without the 185 00:11:41,920 --> 00:11:46,640 Speaker 4: unemployment rate rising dramatically. And that's what we should be 186 00:11:46,760 --> 00:11:50,400 Speaker 4: trying to do. That is absolutely our goal to carry 187 00:11:50,400 --> 00:11:53,080 Speaker 4: out the Golden path and to continue to carry it 188 00:11:53,080 --> 00:11:57,040 Speaker 4: out now. And that involves figuring out the through line 189 00:11:57,360 --> 00:11:59,960 Speaker 4: of where we are in the economy, not re over 190 00:12:00,240 --> 00:12:05,240 Speaker 4: reacting to one month's report or two weeks what happened 191 00:12:05,240 --> 00:12:06,560 Speaker 4: in the market two weeks ago. 192 00:12:06,960 --> 00:12:08,480 Speaker 3: The law is very clear. 193 00:12:08,880 --> 00:12:15,480 Speaker 4: If FMC stabilizes prices, maximizes employment, doesn't say anything about 194 00:12:15,960 --> 00:12:20,280 Speaker 4: make administrations happy, make the stock market happy. None of 195 00:12:20,280 --> 00:12:23,400 Speaker 4: those are in the mandate. Congress has given us the mandate. 196 00:12:24,600 --> 00:12:26,880 Speaker 1: You know, they might want to change that mandate down 197 00:12:26,960 --> 00:12:32,280 Speaker 1: at sixteen hundred Pennsylvania Avenue. Ultimately, Treasury Secretary Beston says, 198 00:12:32,280 --> 00:12:35,760 Speaker 1: what's at stake is the Fed's credibility and political legitimacy. 199 00:12:36,160 --> 00:12:39,319 Speaker 1: Have you seen signs or has anybody suggested to you 200 00:12:39,520 --> 00:12:41,199 Speaker 1: that either of those have diminished. 201 00:12:43,679 --> 00:12:47,760 Speaker 3: No, I agree with those with those sentiments. 202 00:12:47,800 --> 00:12:51,839 Speaker 4: The credibility of any central bank, and the FED especially 203 00:12:52,160 --> 00:12:55,959 Speaker 4: is critically important, so that when you go through episodes 204 00:12:56,200 --> 00:13:00,680 Speaker 4: like happened coming out of COVID, where inflation goes way up, 205 00:13:01,040 --> 00:13:05,120 Speaker 4: but if you look at market expectations of what inflation 206 00:13:05,200 --> 00:13:09,120 Speaker 4: would be in the future, people believed the FED when 207 00:13:09,160 --> 00:13:11,160 Speaker 4: it said we're going to get inflation back down to 208 00:13:11,160 --> 00:13:15,240 Speaker 4: two percent. That is a sacred covenant between a central 209 00:13:15,280 --> 00:13:19,719 Speaker 4: bank and the American public that it's going. 210 00:13:19,520 --> 00:13:23,480 Speaker 3: To do the job as the law requires it. 211 00:13:24,800 --> 00:13:30,440 Speaker 4: So I and everyone I know involved with the FED 212 00:13:30,559 --> 00:13:36,920 Speaker 4: system is open to criticisms, critiques and analyzes of models, 213 00:13:36,920 --> 00:13:40,800 Speaker 4: how can they be improved? Of forecasts, of the FED tools. 214 00:13:40,920 --> 00:13:42,599 Speaker 4: All of those things should be on the table. We 215 00:13:42,640 --> 00:13:46,040 Speaker 4: should have an adult conversation about those how can we 216 00:13:46,080 --> 00:13:47,480 Speaker 4: improve our decision making? 217 00:13:48,160 --> 00:13:49,280 Speaker 3: That's something different. 218 00:13:49,320 --> 00:13:53,280 Speaker 4: Then should there be political interference with the setting of 219 00:13:53,320 --> 00:13:58,240 Speaker 4: monetary policy? Should the central bank not be independent? And 220 00:13:58,280 --> 00:14:02,240 Speaker 4: I'm totally opposed to taking away the independence of the 221 00:14:02,280 --> 00:14:07,200 Speaker 4: central bank, as are unanimously all economists that I know of, 222 00:14:07,679 --> 00:14:10,960 Speaker 4: because just look at places where there is not central 223 00:14:10,960 --> 00:14:16,280 Speaker 4: bank independence, inflation comes back growth, This slower unemployment is worse. 224 00:14:16,480 --> 00:14:20,360 Speaker 4: So we really don't want to go there, and I 225 00:14:20,400 --> 00:14:23,160 Speaker 4: don't think I don't think that's what they're calling for. 226 00:14:24,520 --> 00:14:26,280 Speaker 1: Unfortunately, I have to ask you one more question, and 227 00:14:26,400 --> 00:14:29,280 Speaker 1: Stephen Myron looks like he will be joining you at 228 00:14:29,320 --> 00:14:33,800 Speaker 1: the sixteenth and seventeenth of September meeting. He had some 229 00:14:33,880 --> 00:14:36,160 Speaker 1: not some nice things to say about you in his 230 00:14:36,320 --> 00:14:38,360 Speaker 1: paper on FED reform last year. 231 00:14:39,320 --> 00:14:40,600 Speaker 2: Was your appointment, sinister? 232 00:14:41,000 --> 00:14:44,680 Speaker 1: Does he have a point about a revolving door between 233 00:14:45,160 --> 00:14:47,840 Speaker 1: political administrations and people who are on the FED. 234 00:14:49,680 --> 00:14:51,640 Speaker 4: I'm not going to get into policy, he said, my 235 00:14:51,720 --> 00:14:57,200 Speaker 4: appointment was, sinister, I served in an administration and some 236 00:14:57,360 --> 00:15:01,360 Speaker 4: twelve years later I joined the FED. I think it's 237 00:15:01,360 --> 00:15:04,440 Speaker 4: a little strange to call that a revolving door. But 238 00:15:04,560 --> 00:15:10,800 Speaker 4: I look forward to to meeting Steven Myron, and I'm 239 00:15:11,040 --> 00:15:14,000 Speaker 4: proud he's coming from the Council of Economic Advisors, which 240 00:15:14,160 --> 00:15:17,040 Speaker 4: was saying he had the same job I had had 241 00:15:17,120 --> 00:15:20,960 Speaker 4: twelve years before I joined the FED. So, and there's 242 00:15:21,000 --> 00:15:24,520 Speaker 4: a long history of CEA folks coming over to. 243 00:15:24,480 --> 00:15:26,280 Speaker 3: The FED and doing a very effective job. 244 00:15:26,320 --> 00:15:30,280 Speaker 4: I think anybody who comes and joins the FOMC. 245 00:15:30,400 --> 00:15:32,320 Speaker 3: Is going to take the job very seriously. 246 00:15:32,600 --> 00:15:37,120 Speaker 4: It's it's it's an important function, and we all just 247 00:15:37,200 --> 00:15:40,920 Speaker 4: go down there and try to maximize employment, stabilized prices. 248 00:15:40,960 --> 00:15:43,520 Speaker 3: That's our that that's that's what the law says. 249 00:15:45,040 --> 00:15:48,040 Speaker 1: Well, Austin Gilsby, thank you very much for being diligent 250 00:15:48,120 --> 00:15:49,800 Speaker 1: enough to come talk to us, and hopefully you'll talk 251 00:15:49,840 --> 00:15:51,920 Speaker 1: to us last again the next meeting.