Jonathan Ferro

Rich, what do you think prompted that?

How much internal debate was there about it?

Do you think that's made it harder?

Rich, do you think it's made it harder to focus on monetary policy, though?

Richard Clarida, thank you, sir.

As always, a former

Fed Vice Chair Rich Clarida, we have no doubt the chairman will be asked about that issue in about 20 minutes' time.

Joining us now to extend the conversation, Bob Michael of JPMorgan Asset Management.

Bob, you've always got your own questions, buddy.

What do you want to hear from the chairman in the next hour?

Yeah, Bob, I want to build on this.

I think it's really important.

And I say this a little tongue-in-cheek, but ultimately a big factor behind the GDP growth for the last 12 months is the capex spend of a handful of companies.

Is that becoming the more important macro indicator, never mind payrolls?

It's what happens after the close today from Meta, Microsoft, and what we hear from the big tech players over the next week.

It's Austin.

This is one of the great dilemmas, I think, for monetary policymakers, officials worldwide right now.

The divide between GDP and payrolls growth.

GDP is fantastic.

Payrolls grow super subdued and you can point to supply side factors like immigration.