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you know. this will wake up the kids. come on, kids. thank you. steve. where are we going? let s start with your first chart, fed pauses the hikes, signals more what? there s a lot of red squiggles, there s blue squiggles, oh, yeah, right. okay, anyway, so the fed increased interest rates, tenth consecutive meeting it s done that. i don t think it ever did that before, and you can see the pace of increases compared to all the other previous tightening cycles for the last 40 years, this has been the steepest, the fastest because we obviously know that we have an inflation problem and we have to deal with it. as you said, mika you used both the words skip and and it was interesting because jay powell also used the words skip but said pause because he did not want to commit himself to another interest rate increase but did go from 5% to 5.5% end ....
The inflation we re living through right now already feels really bad, and a lot of people in this country already feel like it s a recession. he s got to kick that. he s got to get rid of that. that may mean you spark a recession which isn t honestly wouldn t be as bad as what we re living through right now. you can see that often when the fed goes on a series of tightening cycles, rate hikes, a recession can follow. it has happened not every time, but it has happened in the past. the fed chief, you picked exactly the right sound bite you were talking about there. the inflation picture has become more challenging. to the extent that rates have to go higher and stay higher for longer, it becomes harder to see the path that avoids a recession. that s what he warned people yesterday. not comforting to hear. christine romans, thanks very much. you re welcome. with just five days to election day, concerns are growing about threats of political violence in this country. the latest i ....
2008, it crashed the economy. bill: austan, how do you see it now? is it a bubble and do folks have something to worry about either way? well, i am a little puzzled by steve s reaction there. the republican position. steve s position in our discussions for the last five months has been he wants more of this. he wants the fed to raise interest rates a lot of times and to make the interest rate higher to try to cool the economy by getting people to buy less housing. to turn around and say oh, look at how hard it is to buy housing. this is what you called for, steve. that s the way that you want to cool the economy. i think people should be nervous if you are a homeowner and you are looking at property prices. in the past when we go into great tightening cycles, that does cool the growth of house price inflation. but as you look at housing as a ....