This is a special edition of Bloomberg Surveillance in your Adlots podcast feed,

we're in Jackson Hole, Wyoming, along with Joe and Tracy covering the Fed's annual symposium,

keep listening for conversations with Peterson Institute President Adam Posen and Philadelphia

Fed President Patrick Harker has coming up on this special edition of Bloomberg Surveillance.

This is the Bloomberg Surveillance podcast, I'm Tom Keane, along with Jonathan Farrow and Lisa

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Perfect guess for reaction to this speech is Mohammed Al-Aaron of Bloomberg Opinion and

Queens College Cambridge. Mohammed thanks for being with us and being with us through that speech

as well. What were your thoughts when you heard some of those words from Chairman Powell just

a moment ago? I had three takeaways, John. First is the speech that said very little that is new.

He repeated what he has said in the past and he has retained maximum policy optionality.

Second, he reminded us that with the exception of the inflation target, which he said is 2% and

remain 2%, everything else is uncertain. And his reference to our store in particular was very

interesting. And third, what I thought was also curious is how he ended the speech. He ended the

speech talking about we will follow the stars in a cloudy sky. Everybody sees the cloudy sky,

but what's interesting is that the west of Jackson Hall will be about moving stars, all the structural

changes that are going on domestically and internationally. And that just adds to the topic that

the three of you have been talking that is a very complex world out there and the Fed has to navigate

a lot of moving pieces. Mohammed, one conversation you and I have had over the last several weeks,

the last several months for that matter. People are having this discussion here as well.

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