Michael McKee

Because we're really moving into a future that is based on autonomy.

Typically, I hear Caterpillar and I think of these big yellow tractors, but it actually makes equipment that's benefiting from the AI boom.

Obviously that the Fed is not going to be in any hurry to cut interest rates again.

Probably we won't get another rate cut under Jay Powell unless there's some surprise in the data.

Well, I think we got the answer to whether Jay Powell would talk politics or policy.

He focused on policy, tried to stay away as much as possible from politics.

When I asked him and Nick Timmeros from The Wall Street Journal asked him and then he was asked about the dollar.

All three of us got sort of the Seinfeld answer.

No soup for you.

He's not going to talk about that issue right now.

In terms of policy, however, he seemed to be a little bit stronger on the outlook for the economy than his feelings about

what rates would be doing.

He didn't give us any indication that rates would be going down, but he didn't give us any indication that they think they're at neutral.

He suggested we're at the high end of it, which would leave you open to a rate cut if you were able to.

In other words, if inflation is going down and unemployment calls for it.

But as Stephanie was saying, inflation is going to stay elevated for a while.

So it's going to be hard

in the remainder of Powell's term to have any rate cuts.

And it'd be hard for somebody new coming in to get rate cuts right in the beginning, even if, as Powell says, they think that inflation X tariffs is running just about 2% or a little above.

Well, we know Myron has sort of been ordered to dissent.