This was a fascinating conversation. What stood out for you . Theres really nothing like it that i can think. It was supposed to be more on leadership of the various fed chairmen from years past and not about interest rates, but there was an awful lot there about current Monetary Policy. I felt one of the interesting questions was asked, why dont you do more . Why dont you overshoot inflation . Why dont you help boost wages in the economy, for instance, which is a hot topic right now in the election. And it was interesting to me no, thelen said, economy is actually progressing quite well right now, and she even said there is some evidence that inflation is moving up. Remember, in recent comments, she said she wasnt so certain that inflation was up. To me, the core pce is 1. 7 , which is close. That was quite interesting, i thought. Mark did you get a sense that that question was aimed at calling into question the feds mandate . Dual mandate . Not every central bank has a dual mandate o
James gorman at Morgan Stanley said it was going to be about leadership tonight. Not so much what is the fed going to do at the meeting . What can we learn from these fed chairman about their policies and how they shaped u. S. Economic policy, but their thinking and how they built and consensus with other members of the fed . Chris that will be interesting. Volcker ran into some issues with the committee at one time where some of the people were voting against him. It is extraordinarily difficult. I remember what yellen said. I asked her one time, these people are saying this about policy and this. She goes, what can i tell you . We dont always sing is a chorus the same song, the same tune. Jobhas done a pretty good given that shes only been on the job two years. She seems to be quite a strong chair. Mark it was interesting because what i heard this event was going to take place and you and i were going to be up here, the one thing of wanted to try to get your thoughts on i am more int