Tom Keene

Traders fully price in Fed rate cut by July versus June previously.

So the warp function kind of, we're seeing it right there here on this strong labor print.

Diane, we know the Fed likes to look at this unemployment rate, and boy, it ticked down from 4.4% to 4.3%.

That's full time.

fully-employed America, isn't it?

We're not seeing what this economy, this labor economy has been described as a kind of a low hire, low fire type of environment.

How about some of the industries that rely historically upon immigration, such as housing, agriculture?

Are we seeing any problems there?

Unfortunately, he's been dreading this all week, Richard Clarke, with us now.

His work at Columbia University, definitive on fancy economics called Dynamic Stochastic General Equilibrium Theory, holding court at the Fed as vice chairman.

I'm not going to mince words, and frankly, Professor Claret, are you still at Columbia?

I am.

You get a piece of chalk out every... See, the problem is Xavier Sally Martin wouldn't allow AI in the class.

You would allow AI in a freshman class to make the kids smarter, right?

not in the classroom but when i teach i assume the students are making reference to it which is why i've actually put a focus on having in-class presentations there you go there you go old-fashioned socratic dialogue i'm going to cut to the chase socratic dialogue you saved jerome powell folks i'm not going to mince words about it it's called a dual engine leadership mod uh model and it was clara's vice chairman and a guy from wall street's chairman

And when he came in, you allowed him to relax and grow with your prodigious academic abilities.

Does Chairman Warsh need a Clarida?

Richard Clareter with us, folks, a former vice chairman of the Fed, hugely visible, does a great job helping us on the Fed Day.

The Fed decides, thrilled he could be in studio with us for you across the nation and around the world.

Thank you for your attendance on YouTube.