00:00Well, that's what we're getting, the explanations. It's become a tradition lately for Fed officials to explain as soon as the blackout lifts, why they dissented and the blackout has lifted.
00:10So we got a few minutes ago, Austin Goolsbee's comments from the Chicago Fed saying basically people are telling him inflation worries them more than jobs.
00:21Goolsbee said almost all business people and consumers that we have spoken to in the district lately identify prices as the main concern.
00:30I remain optimistic that interest rates can come down a significant amount over the next year.
00:35As I have reiterated for months, my unease is about too heavily front loading rate cuts and just assuming that inflation will be transitory.
00:44Now, just now we are getting a breaking explanation from Jeffrey Schmidt from the Kansas City Fed who also voted to hold rates steady.
00:54I continue to hear concerns about inflation.
00:57My conversation suggests we are at risk of moving away from a situation where, to quote former Chairman Alan Greenspan,
01:04inflation is so low and stable over time that it does not materially enter into the decisions of households and firms.
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