Rob Kaplan

And so I think there's some confusion in the market and it's affecting securities buying, the dollar, gold, treasuries, all these asset classes. Marc Thiessen All right.

I think the U.S. exceptionalism thesis is not dead. It's alive and well. But I think it's very critical that we come out of this period over the next few years having retained U.S. exceptionalism, the greatest companies in the world, the most innovative. I think our higher education system is one of the gems of the United States, an independent fed world. rule of law, predictability.

I think the U.S. exceptionalism thesis is not dead. It's alive and well. But I think it's very critical that we come out of this period over the next few years having retained U.S. exceptionalism, the greatest companies in the world, the most innovative. I think our higher education system is one of the gems of the United States, an independent fed world. rule of law, predictability.

I hope when some of these structural changes we've worked through, we want to get back where the world has confidence in the United States and we keep building many of our great strengths, which have put us in a position to outperform the world.

I hope when some of these structural changes we've worked through, we want to get back where the world has confidence in the United States and we keep building many of our great strengths, which have put us in a position to outperform the world.

I think there will be some repair to do, but I actually believe we can. We can do the damage control, but I think it will be broader than tariffs. It has to do with some of the decisions we're making on foreign policy, what we're doing with our own institutions. A number of these decisions, including tariffs, I think are central to that. And yes, we can come out of this with U.S.

I think there will be some repair to do, but I actually believe we can. We can do the damage control, but I think it will be broader than tariffs. It has to do with some of the decisions we're making on foreign policy, what we're doing with our own institutions. A number of these decisions, including tariffs, I think are central to that. And yes, we can come out of this with U.S.

preeminence and having strength in our country, but it will require a real focus on that as an objective and some prioritization of many of these structural changes.

preeminence and having strength in our country, but it will require a real focus on that as an objective and some prioritization of many of these structural changes.

Okay. So I talked about confidence in the institutional framework of the United States, rule of law, other significant aspects that people have come to rely on. One of those institutional staples has been an independent

Okay. So I talked about confidence in the institutional framework of the United States, rule of law, other significant aspects that people have come to rely on. One of those institutional staples has been an independent

politically independent Federal Reserve, independent central bank, which means that the Fed, at least as it relates to monetary policy and setting the Fed funds rate, does it independent of political pressures and political considerations. So why is that so important? Because there are times, the last few years is a great example, where it's very unpopular to

politically independent Federal Reserve, independent central bank, which means that the Fed, at least as it relates to monetary policy and setting the Fed funds rate, does it independent of political pressures and political considerations. So why is that so important? Because there are times, the last few years is a great example, where it's very unpopular to

for the Fed to do what it needs to do. It needed to raise rates dramatically in order to bring inflation down. It's very unpopular. You want to take that out of the political sphere and put it in an independent organization that can make these tough decisions. Okay. So now we move to today. We've got these structural changes. Growth is slowing.

for the Fed to do what it needs to do. It needed to raise rates dramatically in order to bring inflation down. It's very unpopular. You want to take that out of the political sphere and put it in an independent organization that can make these tough decisions. Okay. So now we move to today. We've got these structural changes. Growth is slowing.

I think the president, understandably, and others are hoping the Fed will be able to see their way clear to lower rates. However, there's an inflation issue. And I think Jay Powell, as I said, is trying to jawbone at a minimum that issue. And he wants to make sure that they balance their dual mandate of full employment and price stability. And so...

I think the president, understandably, and others are hoping the Fed will be able to see their way clear to lower rates. However, there's an inflation issue. And I think Jay Powell, as I said, is trying to jawbone at a minimum that issue. And he wants to make sure that they balance their dual mandate of full employment and price stability. And so...

An independent Fed gives a lot of confidence to the financial markets, in my opinion, makes them more willing to buy the dollar, buy duration, buy US assets. But the other thing I would say is J-PAL doesn't set the Fed funds rate. There's a vote. Now, the voters are all the governors and a portion of the presidents, those votes rotate. I ran the Dallas Fed. I voted on a rotating basis.

An independent Fed gives a lot of confidence to the financial markets, in my opinion, makes them more willing to buy the dollar, buy duration, buy US assets. But the other thing I would say is J-PAL doesn't set the Fed funds rate. There's a vote. Now, the voters are all the governors and a portion of the presidents, those votes rotate. I ran the Dallas Fed. I voted on a rotating basis.

Even if J-PAL were gone, I can tell you I don't think there's a consensus around the table to cut rates in the May meeting. They're open to it, but that's even if J-PAL wasn't there. And so I think there's some realization that institutionally you've got to build a consensus. It's got to be based on facts and analysis and debate.