00:00It's a steady labor market. That report was consistent with that. So it didn't change the view of the Fed
00:05on that. It's not a driver. Labor isn't a driver of inflation. That's what the Fed's been saying. So that's
00:11report is consistent with that. And I do think the Fed's likely to remain on hold, but not because of
00:16the election.
00:17I think Jefferson and Williams both signaled that in their remarks over the last couple of days. And remember when
00:26Kevin Warsh floated the idea of actually having fewer FOMC meetings in a year, the reason he gave was that
00:34it would allow the Fed to accumulate more data and information on which to actually base their decisions.
00:40So if you look at sort of a calendar of data that comes out before that October meeting, it's not
00:46that rich, right? There's going to be the CPI report in the middle of October. They won't get the PCE
00:54inflation report until the day after the meeting.
00:57So you could argue that for those grounds, you can sort of delay, which most participants think are going to
01:04be taking more interest rate increases, but you could delay and pause in October and still be consistent with the
01:11messaging they're giving, which is that inflation is the main problem in the economy.
