Jim Bianco

How do we fix that?

We need the inflation rate to run below 2 percent for a while so that wages can catch up.

If the inflation rate is going to stay at three and moderate to two and a half, that is going to keep the affordability anger white hot over the next year to year and a half or so.

And so I don't think that

accommodating that by cutting interest rates is going to help.

And that's the question I hope the chairman gets is, how are you helping affordability with 175 basis points of cuts in the last 14 months?

Well, that's if that's what he says.

And again, what I was trying to say before is if the chairman imitates that it's one and done, it means the chairman's running the show.

And in May, we're going to have a handpicked successor from Donald Trump running the show.

And we know what Trump thinks about interest rates.

And that person's going to want to have lower rates.

But if he does say that, then maybe the market will take it a little bit differently.

And we'll see if he does.

But most of the times, he'll just say he's going to be data dependent.

And it depends on what the data is.

I think they are at least being forced to acknowledge fiscal dominance, that the fiscal situation is important.

Basically, the funding market, the repo market, which funds the $38 trillion Treasury market, is too small.

It's too small because the Fed has been doing QT and reducing reserves.

Those interest rates, repo rates, have been going up.

Now, one answer could be to tell Congress, you can't spend as much money.