Sudip Reddy

Well, he was very clear that this is a difficult path they're on right now.

There's lots of dissent, three dissents.

That's a pretty big deal, most since 2019.

And there's a reason there are all these dissents, because it's really hard to tell what's going to happen with inflation.

It has been stubbornly high.

That's been quite clear.

It's in everybody's minds these days.

And there's lots of concern that he was articulating about the job market.

and you don't know whether those numbers are going to be on a downward path, whether we're going to see the job market continue to deteriorate, which, of course, would solve the inflation problem, but in the worst way imaginable.

And he's trying to navigate a committee that's scratching their heads over all of this stuff and figuring out where to go.

So it's not a good place to be in the final months of your tenure.

It does not matter, but the people who are making decisions day to day are looking for some clarity about whether everything's going to be okay.

And there is plenty of concern.

Certainly you see it in survey data, concern about the economy.

And there's plenty of concern about inflation.

And when you look to the Fed, which...

obviously has the best available data and the best researchers and the best window into what's going on.

And when they're shrugging and they're saying, well, I don't have a clue, where does that leave the rest of everybody else?

And that is the concern here of how cloudy...

the picture is right now.