the end of 2023. there s many in the fed that think they will hold rates high and slowly grind down inflation and raise unemployment. they all agree there s increase in unemployment. there s still pain. our view is things will happen more quickly. could be a shallow recession but they ll be in the game of cutting rates aggressively, not going back to zero but a higher underlying rate as the economy moves into the next phase of an endemic and as we deal with this pandemic and what s becoming much more structural labor shortages. unless we have major changes to productivity growth and immigration, the labor problems we re having are not going away. sorry the dog is barking in the back. i think your dog feels like a lot of us and that is not happy about the economy and some of these different factors you are discussing. matt, prices are still much higher than normal so where do things stand right now especially on our everyday
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stocks fall. federal reserve can t suddenly start printing money to relieve the market. here we have are watching the slide. does anyone see a bottom? that s the question we ve been asking. harris: wow, the bottom. haven t considered that. the middle is so bad. you won t see a bottom unless the administration steps up and tries to do something about the problems we have. harris: what do they need to do? what should the president be saying and doing? come back to the baby formula example is the supply chain problems we re experiencing. part of that has to do with the labor problems we re experiencing. you had record numbers of people quitting jobs in march. we have 11 1/2 million jobs to fill. our wages are not growing as fast as inflation is growing. they re growing at half the rate. you need to solve some of these problems to get things back into balance. other people will say look back to the early 80s.
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