Tom Keene

The Tito's and Tang didn't work today.

After the English breakfast, it didn't work.

Dan Ives, Wedbush on short notice, a trooper there to inform us on this fusion transaction.

Joining us now, Boston Fred President Susan Collins, who has been in this meeting and coming here for, what, 20 years, 20-some-odd years?

Absolutely.

This one feels different, doesn't it?

So let's get into that.

There is this dual mandate that's in question, the idea of inflation versus labor.

Where are you in the continuum of which you need to be most worried about?

I was looking at where inflation was the last time that we were here and heard a Jackson Hole speech versus now, and it's crept higher.

It's gone in the wrong direction when you look at CPI.

It's basically ground around the same place in core PCE.

Why did there seem to be confidence before that inflation was on a sustainable path down to 2%?

Why is it no longer?

To Mike's earlier point, what is the harm in cutting by 25 basis points or even 50 basis points?

Because would that really cause runaway inflation at a time when I know that the chair has talked about policy being relatively restrictive?

What's Fed Chair Powell going to say?

No one's listening.