Dani Burger

Only about a minute left, Orlando, and I know you've touched on this in different places, but it might be nice to just put it together for everyone watching and for trying to navigate a particularly difficult time in private equity and private capital investing.

What are just the most important principles to be concentrating on at this time?

That's the perfect note to end it on.

Orlando, thank you so much for joining this morning.

And thank you all for watching.

Please join me in thanking Orlando Bravo.

Governor Martin, you've been extremely transparent with your view and have been very generous with that.

You've always been very transparent with your views.

You're probably the most prolific social media poster of anyone that the Fed's ever had.

In 2023, I saw you had tweeted something out saying basically the case against adjustment cuts is that financial conditions have eased massively and policy works via financial conditions.

Real rates don't exist in a vacuum.

Given that view, the fact we have record high stock prices right now, is it a sign of unsustainable froth, of even a bubble that will make bringing down inflation that much more difficult?

Sure.

But a lot of this view is incredibly forward looking.

And that's the point, right, that we're not looking at backward data.

But is there any data that we could get, Governor Myron, that would change your mind and would change your mind to have you believe that we should not be pushing towards more rate cuts right now?

Well, Governor Ryan, it's not only the rest of FMC you have to convince.

You have to convince these markets as well, especially if you are concerned about housing.

You were very outspoken last year when the Fed was cutting and long-term rates were going higher.

If that were to happen again, would you be a proponent, especially as you see one of the Fed goals should be for moderate long-term rates, that the Fed should be using the balance sheet in order to keep long-term rates lower?