Richard Clarida

I think the Bank of England, really beginning under Mervyn King's tenure, actually viewed it as a feature, not a bug, to have close votes, encourage thoughtful dissent.

And as I recall, the governor has been losing sight on some votes there.

Unusual in Fed history.

In fact, to prepare for your show, I went back and looked.

St.

Louis Fed has a great database on this.

And you'd have to go back to 1939, the last time a chair actually lost an FOMC vote, and that was Mariner Eccles.

But G. William Miller and Paul Volcker lost votes on discount rate adjustments.

But again, we're going back 40, 50 years.

Did you hear what he said?

Do you prepare for this show?

Oh, of course.

Are you kidding me?

They've been pretty consistent for a while that inflation is too high.

It's been above target for five years.

It'll probably be above target this year for six years.

But the Fed has a dual mandate, and the unemployment rate is basically right now at a point that they think is consistent with a healthy labor market.

But they are noticing that payroll employment gains have been very modest.

Indeed, when we get the revisions later this week, it actually may show negative payroll gains in the second half of the year.

And so I do think that...