Jonathan Ferro

And the risk now that we have to confront in the West, at least, is whether AI is going to do that to services.

What globalisation did to manufacturing.

Do you think it was a brief acknowledgement there from the chairman in that news conference, just to give a little nod to the prospect of a reduction in jobs, at least in the short term, because of this new technology?

I think that's the problem being a policymaker right now.

I'm not convinced of anything, and I'm not sure they are either.

Things have changed.

We asked Bob Michael at J.P.

Morgan, your former colleague, the question a little bit earlier, what's more important for the outlook for the economy now?

The spending numbers from these big names that report in about 20 minutes time in the next hour or the payrolls report that we get every first Friday of the month.

And he's pointing to tech capex from the major tech players in the United States.

That has completely changed the conversation.

How do you set policy with traditional macro indicators when what's driving the economy right now is something else?

Jeff, I just want to avoid the rant, but we have got a few more minutes.

I get frustrated when we say things like the Fed can't do things about certain situations when they've contributed to them themselves.

And I'm talking specifically about, say, inequality and the K-shaped economy.

Jeff, haven't they contributed to that problem?

Rent over.

That's the challenge for the next guy.

Jeff, it's good to see you.

Jeffrey Rosenberg there of BlackRock.