Mary Daly

Yes.

You look at prices.

In this case, the price of labor is wages.

If it was simply about supply and firms were still scrambling to find workers to fill what was jobs that were supported by the previous immigrants, you would find wages going up.

as they bid for workers to try to fill those jobs.

But that's actually not what you see.

You see wage growth slowing, even in sectors where immigration played a larger role.

And so that to me says it's a demand shock, a negative demand shock, along with just a coincidental

uh negative supply shock so you lost workers but you lost jobs at the same time or you had job growth slowing and what we're seeing now is does that continue to net out right if what if the supply of workers doesn't keep going down but the demand for workers does well then we'd end up with a rise in unemployment so have to keep squarely focused on those types of things we're definitely in a low firing low hiring period and interrogating that labor market continuing to watch the information see what firms do next

That's going to be the important part.

Well, you know, one of the things that you do, so financial market conditions are one input into our decision making, one of many inputs.

You know, we have two goals, price stability, full employment.

We're trying to think about what inputs affect those two variables, those two goals.

But what I look at is if you look under the valuations, you know, people are really talking about one of two things.

This is going to be a transformative technology.

AI is going to change the world to be like electricity or the steam engine.

And then the people who are a little more skeptical are saying it's going to be a business as usual technology.

Think of computers and the Internet.

The thing that's true about both of those is they're both productive.

You get productivity from both of those.