Stephen Miran

And they didn't come in to an extent that they alleviated all my concerns about the labor market.

You know, far from it.

Indeed, the labor market has been on this gradual cooling trend for over two years now.

And it should take much more than just one data print to make you change your mind about the trend in the labor market.

But nevertheless, we did get a little bit of better data.

And that helped alleviate some concerns for you, but not all of them.

You know, I still have some concerns there.

So I disagree with a couple things you said.

First of all, the unemployment rate, even though it's the single most important indicator, is far from the total of information that we know about the labor market.

There's plenty of evidence in the labor market data that indicates that we can accommodate additional demand for labor.

There have been signs like it taking longer for some folks to find jobs, pockets of weakness among younger folks and folks without college degrees.

That all indicates that there increased part-time work for economic reasons.

All this indicates that there's additional slack in the labor market beyond what's indicated in the unemployment rate alone.

If you look at the employment to population ratio for younger folks, it's been trending downwards for a long period of time, and it has shown less stabilization than the overall unemployment rate is.

And this is the type of thing that is concerning for me.

So I disagree with the assessment that there's enough labor market stabilization that we can drop our concerns about the labor market.

I still have some concerns.

Now, I'm not as concerned as some others, but those concerns still do exist for me.

And on inflation, I think I've been making this argument that almost all of the inflation

overage over our target is due to quirks of how we measure inflation it's due to two things it's due to the portfolio management services which pick up just the stock market prices so ai pushes stock prices higher that mechanically feeds through into portfolio management services which contributed 36 basis points to core year and year a normal year is six basis points