Tom Keene

Unfair question, but I can save it for your morning note at Wolf Research.

Maybe it'll help.

You think Mark Carney at Davos talking about the new geometry of middle countries.

You look at the president, neomercantilism, the president, weak dollar.

Did the secretary of treasury save this press conference by coming out hours before and sounding like James Baker from another time and place on strong dollar?

Can I ask economic questions?

Please, go for it.

Anna Wong has been great on this, as you have as well, Stephanie Roth, where the idea of the vector in goods we take for granted is disinflation.

That's turned around.

Now we've got goods moving up.

We've got gold, copper and all the other stuff John's talking about.

Do you just assume out there somewhere after stimulus that goods roll over again into some form of disinflation, even if service sector stays with an inflationary tone?

I haven't asked anyone this question.

I think it's fair to ask now after this press conference.

We talked about it, and the president with great negativity would talk about the Biden stimulus.

What does the Trump stimulus actually look like into the midterm elections?

There's nothing sticking right now, but any given central bank, whether it's Chairman Waller, Chairman Mirren, whoever, Chairman Farrow, whatever we see with the central bank, they've got to figure out what will stick with half of America flat on their back.

What's the Wolf Research plan for that, besides a check in the mail?

This is what Orszag and Posen are saying, is, you know, you get a pickup in the economy, you get productivity, and it pulls out people.

I mean, that's the reigning theory here, John, into Labor Day and into the end of the year.