Jonathan Ferro

A couple of words I want to pick out.

And one is neutral and the other is correct.

I think it's very difficult to say this is where I think neutral is and this should be the correct policy rate because it's such a guessing game as to where neutral is.

And I think you understand that, of course.

I also want to pick up the difference between being an economist and being a policymaker.

When you say two-way risk, I think that really makes us all think about speed and the appropriate speed to adjust monetary policy when there is two-sided risk.

Why do you think we should be going this fast this year in your mind to cut that aggressively in 2026?

Sure.

this just requires such a strong amount of conviction though coming out of the pandemic i think what we all learned was a massive degree of humility because there were so many things that we thought were obvious that actually things just turned out to be completely the opposite and i wonder if this year we should have the same approach to monetary policy as a monetary policy official do you have to sit here and say actually the prudent way to do things is actually to move slowly and work things out meeting by meeting because that's what i hear from other members of the committee and i'm wondering why you see things so differently

Sure.

You're going to miss this when it's all over.

It feels like you're enjoying this.

Are you going to miss this when you have to leave the Federal Reserve?

So I wouldn't mind it.

What a position to be in.

We're all sitting here waiting, just like you.

Governor, thank you.

It's good to see you.

Thanks for having me.

Thanks for being so generous with your time.