00:00He is absolutely telling you that he plans on delivering on price stability.
00:06So that means that we're not going to have such easy money policy as everybody thought that maybe Chairman Walsh
00:15would do back in the first quarter of this year
00:18when everyone was counting on rate cuts because they thought Walsh was a permadove.
00:23Well, he doesn't sound like that today at all.
00:25I think there's a greater reason to own long-term treasuries today now that the new sheriff is in town
00:31because if you're going to get price stability and if he doesn't deliver on something that can be characterized as
00:38price stability,
00:39he's basically announced today that he would be considered a failure.
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