Tim Stenovec

So this explains, or I'm assuming this kind of explains, Dr. Posen, that you and Lazard, CEO Peter Orszag, of course, formerly director of the Office of Management and Budget and director of the CBO, you guys put out a column in January that the Fed's 2% inflation target could be totally left in the dust.

You think inflation could, quote, surprise to the upside, potentially exceeding

4% by the end of 2026.

Is it because of what you just laid out in terms of tax cuts, federal government spending?

These are things that are going to be stimulative.

So is that the biggest realistic risk to the U.S.

economy?

I wanted to insert that word realistic because I think we talk about risks all the time, and there's a list, you know, as long as my arm and then some.

But I'm just curious, is it—

higher inflation?

Is it higher interest rates?

Is it demographics and older population, folks not having babies?

Is it less immigration?

Is it rising debt?

Is it China-U.S.

tech?

What do you think is the biggest realistic risk to the U.S.

economy, maybe to the global economy?

Yeah.

Gosh, a million questions I want to ask you.