00:00Even if you're not confirmed as Fed chair, everybody has a view about what they would do differently at the Fed.
00:05What are some of the changes that you would make?
00:10You know, listen, I mean, all I'll point to is what I've said for many months now is I think there are some things to that you can do that to create velocity in the system.
00:19You know, nobody borrows off the overnight funds rate anymore.
00:22Velocity happens where financing happens out the yield curve.
00:25Things you could do to keep that stability of the back end of the yield curve, to keep the mortgage rate in a place where we get real velocity, existing home sales moving.
00:35So I think there are some things that can be done that are interesting.
00:40And listen, Matt, I mean, you know, I've said it publicly for many months now.
00:43I think if we're running break even, you could buy in the market today, five-year inflation break evens at 2.35%.
00:49I think the funds rate should be at three.
00:52And I just think you could move it there.
00:54And then you don't have to go much further.
00:56I just think the price, you know, in markets, if something's priced wrong, you get it there.
00:59I just think we can get it there.
01:01And then look at, and then take another view on where are we today and do you have to move higher or lower?
01:07But anyway, I would, I think we could move right a bit lower.
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