Jonathan Ferro

Well, the regime has been weakened, though.

You give that point to the president, but absolute collapse.

There's been no evidence that we've seen defections, and they're still in control.

Esther, that could go one or two ways.

On one hand, you could make an argument for easing policy to try to give lower income consumers a better scenario, a better backdrop to meet this price shock.

On the other hand, you could say the Fed has a role to play to combat inflation.

Which side of the equation do you fit on?

Rates traders are pricing in rate hikes over at the ECB as well as the Bank of England.

Do you think that as this progresses, if it does continue for a longer period of time, that that's going to be a scenario that's reflected in how the Federal Reserve is being priced?

I'm pleased to say that joining us now, following the jobs report, is the National Economic Council Director, Kevin Hassett.

Kevin, you're a good man.

Thanks for making time for us this morning.

It's an obvious downside surprise on the jobs report.

The three-month average has dropped to 6K.

I think some people looking at this report at the headline level might be a bit nervous about what's inside it.

Are there some one-offs here that make this look worse than maybe it is?

Kevin, it goes against the grain as well.

ISM data earlier this week was really pretty decent.

Claims were stable too.

Next time we speak next month, do you expect to have a better story to tell?