Michael McKee

And yet you get PCE in an hour and basically you've already calculated the numbers.

Inflation is not moving in the right direction.

So can you still justify or how long can you justify cutting rates in that environment?

Well, at least you and I are still employed, as of today.

Well, we'll see how this interview goes from here.

You suggested that companies in your district are beginning to feel a little bit better, or at least some of the uncertainty has come off of their planning and their thinking.

Are these kind of big new tariffs that we got today just going to change that mind?

The idea that ongoing tariffs and ongoing disruption are going to be part of this administration and economy, is that in their planning?

This morning we had an investor on who basically said markets are rising because of the idea that a year from now rates will be substantially lower.

Is that the right way to look at it, the wrong way to look at it?

Well, where's your dot?

What are you thinking in terms of the next couple of meetings and then for 2026?

The story around the Fed this week has been, shall we say, the debate over where the neutral rate is.

Where do you think it is and how fast would you want to get there?

Where are you?

It moves around based on what's happening in the economy.

Well, that gets to the next question.

Chairman Powell saying that you really don't want to target the neutral rate because it moves around.

Also saying that for any voter to really move things around, you have to be incredibly persuasive.

Do you find Stephen Myron's arguments persuasive?