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happen as soon as march. how do you tamp and that down? i talked to a number of fed officials, who have been saying rates might have to stay higher at this level longer. the market pressure is to cut, cut, cut, cut. what you say to that? my starting point is paul volcker was my great mentor and friend. paul used to always say our job is to act and the markets job is to react, and let s not get the order mixed up. i kind of start from that. in this case, i do think there was a little bit of a mixup in the market about how the fed open market committee works. that is to say, we debate as a body and vote on today s actions. we don t debate and vote on future we don t make future decisions.

Federal reserveMarket pressureStarting pointPaul volckerFed open market committee works