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Geopolitical events, and i wanted to hear a bit more about the impact of politics here in the United States. This is an election year. What effect, what impact that will have on the economy . Because there was quite a lot of economics in the presentation. I understood most of it but, i mean, part of it not most of it. Im not an economist. But i wanted to understand the impact of the politics on the economy. So im now in my fifth year. Im one day, frankly, into my fifth day at the fed. So this will be my third election cycle and i can say that politics plays absolutely no role whatsoever in our deliberations or in our decision. So we you know, the focus inside the fed is very much not partisan politics or elections. Its very much economic fundamentals, so it can be very jarring to emerge from the fed and talk to people who think of politics think of economics in political terms, which i referred to earlier. Honestly, it has no effect. You know, we announced a quantitative use program in

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