Mary Daly

They both help with growth.

They both help the pie in the U.S.

expand.

And so we're not talking about a bunch of ideas with no backing.

We're talking about equity investors, not highly leveraged, going in and making bets, really, on whether it's going to be transformative or business as usual.

But everybody agrees on one thing.

It will change productivity.

Well, you know, I guess this argument that we've somehow lost our power, monetary policy doesn't transmit, I simply don't see it in the information.

If you go out and you look at what happened when inflation was running really, really high, we raised rates pretty aggressively, and mortgage interest rates rose rapidly, car loan rates rose rapidly, and the economy slowed, inflation came down.

Right now, what I'm seeing is we adjust rates, mortgage interest rates come down.

Not one for one.

That's not how it works.

Usually it's less than one for one, but they come down.

You see a little more activity in the housing market.

You see a little more activity in the borrowing market more generally.

And you see that dynamic work.

So I guess the most important thing is just to remember that monetary policy acts with a lag.

And right now we're making decisions not just for what's going to happen next week, but what's going to happen in the next six months to a year.

So that's how we have to think about it with our forecasts and then how we adjust policy as those forecasts evolve.

You know, I really want the information, the fullest amount of information we can possibly get.