Michelle Hussein

Radio.

News.

I'm very pleased to say joining us now is Robert Kaplan, vice chairman at Goldman Sachs, previously, of course, served as the president of the Federal Reserve Bank of Dallas.

Robert, very nice to have you with us.

Thank you so much for coming in.

So let's talk about the here and now in the U.S.

economy and what you see weakening in the labor market.

Is it right that the market that the Fed should focus on on the weakness in the labor market right now?

And of course, there's a lot of focus on who's going to lead the Fed and who is going to be leading those conversations about the balance between inflation risks and joblessness risks in the United States.

What's your thinking on the extent to which the market is concerned about the person themselves?

I mean, this is in the end setting policy as a group activity.

Yeah.

But the chair clearly has a big voice at the table.

What should we know about the way these decisions are made and how much it matters who leads?

Yes.

I mean, how nervous are you about political pressure to get rates lower in the United States?

Is this something that should preoccupy market participants?

If the White House and if the Fed wants lower interest rates in the States and if that's what they deliver, if the market then worries about inflation, does that mean that the lower rates the Fed sets don't necessarily get passed on to the real economy?

So could lower rates actually be self-defeating?

And are you concerned about overheating at all in the U.S.