Eric, you consistently published some of the best macro research in the business, and you've

also worked at the Federal Reserve.

So I have to ask you, what's your read on this new Kevin Warsh regime?

I said, I think Kevin is going to do a great job.

I think he was a fantastic pick.

I also think he has a huge mandate ahead of him that people aren't really paying attention

to, which is the regulatory regime, the Fed's balance sheet, and monetary policy implementation.

So everyone's very, you know, worried or thinking a lot about what will he do on rates.

You know, he is much more than one vote. He is the chair.

But I think day one for Kevin looks a lot more like what happened when we ended quantitative

tightening.

What are we doing now with pumping tens of billions of dollars of liquidity into the market each

month?

Why are we doing that?

What are the ramifications?

And then how do we further press forward with right-sizing the regulatory environment, making sure banks aren't constrained

from actually lending to the real economy. So I think there's a lot more to central banking

than just the policy rate. And fortunately, he's very focused on that. So I'm excited to see,

you know, the next few meetings. I think a lot of market watchers and commentators are focused on the hike or the cut

debate, and right now markets have pretty much priced out cuts, it seems like, for this year. What's your read on this? And do you think markets are wrong on their call?

No, I think the policy rate is mostly a function of the macro environment. And before I ran,

I think there was a very credible case for disinflation, which still exists underneath the

...