Dani Burger

Would you rethink just how much exposure you have to the city at the moment?

I'm struck that it's not just the American populace that's thinking about affordability or inflation.

It's markets too.

Since the Fed started its cutting cycle, cutting 75 basis points so far this year, 30-year bond yields are up 80 basis points.

10-year bond yields are up 30 basis points, or 50 rather.

It's not the move that you would expect.

Is there a signal in that?

Markets are incredibly sanguine on this idea that we're going to run it hot, we're going to cut, we're going to get stimulus.

Are you essentially saying that markets are underpricing a clear risk?

Who's going to be right?

So just to kind of paint the picture of what this actually looks like on the ground, if you get a Fed that continues to cut, maybe supported by a candidate that President Trump puts in place who is loyal to him, the Fed continues to cut, you get this real pressure where bond yields go up.

What does that look like?

Does it look like risk markets crashing?

Does the business environment, which America has enjoyed, does it get curtailed?

Just how dramatic of an impact are we talking?

I mentioned the Fed maybe playing a role in here.

And about three months ago, you wrote an op-ed in the Wall Street Journal.

I'd love to read a line from it, because it was really important and timely.

You wrote that pressuring the central bank to adopt a more permissive stance toward inflation carries steep costs.

Ken, since then, we've seen NEC director Kevin Hassett emerge as the frontrunner from the Fed.