Matt Miller

We welcome our Bloomberg TV and radio audience worldwide.

I'm Matt Miller alongside Danny Berger.

Joining us now is Federal Reserve Governor Stephen Myron here at the desk.

We're honored to have you here along with Michael McKee, our international economics and policy correspondent.

Mike, take it away.

I actually, you know, I'm not as deep into this as Mike, and certainly neither of us is as deep into it as you, but I have the Taylor rule function on my Bloomberg terminal.

I love to play with it.

And I always ask important economists when they come on,

what variables they would plug into it.

I put in 0.5 for you in the neutral rate here, and I put in 4% in the Nehru.

I'm still only getting three and a half for the Taylor Rule estimate.

I know this is a very elementary function here on the Bloomberg, but what would you change to get your rate down to where you think it should be, which is even, I think, less than the 3% terminal rate that the market is pricing it?

with the Taylor Rule on the Bloomberg terminal.

As I'm sure you know, if you click on the second tab of the function, you can put in your inflation forecast and your unemployment forecast going forward.

I won't ask you what all of your variables were, but I will ask about inflation because as a kid who grew up under Ronald Reagan, I've always been skeptical of government policy when it comes to inflation.

I've been hearing for so many years that the Fed wants to get it to 2%, but I find it hard to believe, and we've averaged 3% essentially on the core since World War II.

Do you think most people feel comfortable with that level, with a 3% level?

Governor, I wanna ask about a piece that Mark Summerlin wrote in the Wall Street Journal today.

He, previously of the NEC, under the Bush administration, basically says that the Fed suffers from the same kind of bias inherent in media or academia.

because it's so focused in the northeast right we have four fed banks between richmond and boston and only one west of kansas right only two in the south he says there should be a fed bank in miami and phoenix which would make sense he also points out that of the 600 000 donated by fed staffers in the 2024 election cycle 92 went to democratic candidates