Tom Keene

I mean, what's keeping this Fed going is this exceptional America.

How do they keep that experiment going with their policy given politics?

Stephanie Roth, I love how Mr. Rosenberg goes to the wealth effect as well.

I want to frame out what we talked to Torsten Slack about.

Real GDP, which is being buoyant by the wealth effect, maybe with a little bit of add-on inflation, where do you see nominal GDP for the next chairman?

John, we go out two meetings, then there's like one or two or three meetings.

October 29 is a dead meeting because of the election.

Where's nominal Labor Day-ish in America?

Wealth effect, John.

That's what we call this.

Rosenberg's right.

Jeff Rosenberg, I'm sure you're aware of Pozen and Orszag's mapping out of a higher inflation, a more resilient inflation.

What does your bond world do if we get inflation resilience?

I mean, I look at this, Jeff, and the question of where we are, and this goes back to dollar analysis of the last couple of days, is it's very nonlinear at some point.

If I look, you know, to look at the benchmark 10 year yield, how close are we to a point where you get accelerated tendencies?

If we unwind, that would be lower bond prices, higher yield.

Is it 10 beeps away?

Is it 30 beeps away?

Is it a fiction?

It's just out there somewhere.