Rob Armstrong

And the reason for that is easy to explain.

Anybody who would have gotten and kept Trump's nomination had to say a bunch of nonsense about interest rates to keep the president sweet.

That's just the price of admission to being in position to get the job.

And so we don't know whether he believes all the things he said or not.

And I think we should accept that fact, not as, you know, a criticism of him.

He made this decision.

He wants to be nominated by the president.

That comes with certain things you have to do.

Fine.

But that does mean now we are going to find out the real Kevin Warsh is now going to show up.

What does he really think about cutting rates into an expanding economy where inflation is a percentage point above target?

We're about to find out.

I offer to you that we have no idea what he really thinks about that.

And we have to hope that it is a sensible and moderate.

I mean, you know, I personally think rates where they are fine, stay the course, be boring, would work just fine here.

Let's hope he's that guy.

I think you're exactly right.

And that was actually what's so radical about what Warsh said about AI.

It wasn't that higher productivity is going to come through.

And when it comes through, we will have more leeway to cut rates into growth.