second straight quarter where the economy has contracted. wall street is focused on what s happening in jackson hole, wyoming, where the fed is holding its annual summit. all eyes are on chair jerome powell, what he will say about interest rates, where the economy is headed and any plans the fed has to cool down inflation without causing a recession. economics reporter steve liesman is there in wyoming. with us ron insana, senior analyst and commentator and adviser to schroeder and a. help us make ceps to the new numbers first. what does it say about where we stand in tackling inflation? the inflation data contained within the gdp report was still a little bit on the stiff side relative to what fed wants. the core rate of inflation they look at within this report was still about, i think it was over 4.5%, and the fed wants to bring that down rather substantially. having said that, the argument for a recession is also been kind of poo-pooed and steve can