00:00How do you think he will perform for the president? Because he was President Trump's pick. He comes out of
00:04central casting, as the president likes to say.
00:06And to some extent, part of his role, at least according to the White House, is to say stuff that
00:13soothes the president.
00:15He's destined to disappoint. It can't work out any other way. If you look at the economy right now, it's
00:22doing great.
00:23And we're going to see that in the summary of economic projections. They're probably going to lower unemployment and raise
00:30inflation.
00:30It will all be fine. But we have to accept the economy's in pretty good shape.
00:35That's not an economy where you cut rates. So you're not cutting rates.
00:39I'm interested to see for the end of 2026, how many dots are there for rate hikes? Do you get
00:44two or three?
00:45So the president's not going to like that.
00:47The sequence of events that would cause him to cut rates over the next six to nine months, nobody should
00:53want that.
00:55It will likely mean that there's problems somewhere in the economy, that unemployment is going up, that something's stagnating.
01:03That's not a healthy economy. And if he has to cut rates in that kind of environment, the president won't
01:09be happy with the macroeconomic environment.
