This is CBS Eye on the World.

Here's John Batchelor.

Liberation Day, minus what.

I go to Joseph Sternberg, membered the editorial board of the Wall Street Journal,

he read's politically economics.

He's in London, and Joe's column looks at what we're not watching right now, which is the Federal Reserve, and I'm keen for it, because all eyes are on Liberation Day.

What about the Fed? It's unusually quiet. I thought there was supposed to be a war between Chairman Powell and the President of the United States.

I don't hear it.

Joe, a very good evening to you.

Your most recent column for the Wall Street Journal introduces me to a mystery I did not know existed.

What is the Federal Reserve up to?

It's supposed to be quantitative tightening, having followed years of quantitative easing. It's supposed to be

watching the data very closely. But you suggest that there's no easy explanation for why they've

reduced the amount of mortgage-backed securities and other bonds that they are reducing their holdings with each month.

There's no obvious explanation, but you have one.

Good evening to you, Joe.

Hey, John.

Yeah, I think, unfortunately, we need to talk about quantitative tightening again.

I know this is everyone's favorite economic subject,

but it is coming back into focus,

because, you know, you'll remember a couple weeks ago we had a regularly scheduled Federal Open Market Committee

where they set policy. And the main announcement of that is the Chairman Jerome Powell and the board

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