00:00The Fed has had a tradition of governors not dissenting, but that's really not typical of
00:07other major central banks where there's more dissenting or they're different. Depends on
00:11the central bank. And to me, what matters is, is the dissent thoughtful? Is it helpful? Does it
00:17help? Does it express a point of view? Can you stand behind it and say, yeah, that's very
00:22thoughtful? And that kind of thing is not bad. And it doesn't hurt with communications. I think
00:28a situation like the present situation where, you know, there's sort of downside risk to the
00:34labor market, which suggests keep rates low, but there's upside risk to inflation, which suggests
00:38maybe don't keep rates low. You've got tension between the two objectives. And I think to try to
00:43expect unanimity at a time like that where it's really quite historically challenging, it would
00:48almost be misleading to be really confident in which way that should go. In fact, it's been said
00:54that confidence is what you feel before you really understand the problem.
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