Dani Burger

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.

There's reporting overnight that there's been some pushback in Trump's inner circle.

Is that pushback warranted?

Would you support a Kevin Hassett as leading the Fed, someone who's seen as very loyal to the president?

Well, I mean, you started this with mentioning you'd been in Washington, D.C.