Mike McKee

There's no economic model that I know of that would get you to a near zero neutral rate with those kind of conditions.

But you can't model that.

What do you mean I can't model that?

The models, if you put in the numbers that we have right now, it wouldn't spit out near zero or half a percent.

Oh, real rate.

I want to ask you about something in your speech that has confused a lot of people, including me.

You argue that tax cuts are going to help lower the deficit by increasing economic activity.

And at the same time, you argue that tariffs, which are taxes on the American people, are going to lower the deficit.

You have one way raising taxes and the other cutting taxes at the same time lowering the deficit.

How does that work?

Well, we haven't seen any evidence in import prices that that's happening.

A couple of lightning round questions here as we're getting a little short on time.

Do you think that if you'd taken a sort of less extreme position, not come in arguing for 150 basis points or so of cuts, that you might have more influence on your peers on the Open Market Committee?

Given the import that the president has attached to the Fed, as a member of the Board of Governors of the Federal Reserve, do you feel like you exercise executive authority?

Have you talked with the president or anybody at the White House since you came to the Fed?

Have you talked to him since that congratulatory call?

One very quick question.

Have you had your interview for Fed Chair yet?