Manny Roman

the condition that they are being given.

And if, for example, we were to see a very bad inflation print, it would be very difficult for them to cut.

Now, they may argue that they have to look through inflation and so on and so forth, but the Fed is a very rational actor in the market, and I don't think anything's going to change.

And the same goes for the central bank in the UK and the ECB and so on and so forth.

And I think once you're in a job, your behavior changes also in terms of how you think about what the right thing to do is.

Are you alluding to the new Fed chair next year?

No, I'm just saying it's like being a Supreme Court justice.

You know, it's a very important job and I think people take their job very seriously.

You know, I was reflecting on this and what we're talking about is, I mean, every single Fed chair has been to some degree a political appointee.

And, you know, there's been a history of very good Fed chair since the Burns and the Nixon presidency.

And I see no reason why that would change.

And it is important to remember that it's in everyone's incentive to have a very credible Fed share because the market will not like a non-credible Fed share.