understood, judging from what we've heard from the president of the new york fed. and then second, the fed has to realize that it cannot keep a really important policy tool on automatic pilot. that it needs to be more sensitive to what's happening. and i think that the fed can regain control and we can stop the self-inflicted wounds. sandra: do you think the president's criticism of jerome powell and his actions as the federal reserve chairman, are they warranted? >> no, i think the president has a point in saying fed, get a feel for what's going onioned the strict narrow domestic economy. i think you don't want to cross over too much the line of central bank independence. central bank independence is very important for economic stability and economic stability is key to economic growth. and inclusive growth that brings up everybody's well-being. so i think there is a point in telling the fed be more sensitive about the spillbacks