You're listening to Closing Bell in progress.

Forecasts have been coming up, as you can see.

So labor market is, unemployment is low, but, you know, downside risks, but it's still a low unemployment rate.

So that's how we see it.

Hi, Stephanie Ruhle, MSNBC.

Treasury Secretary Scott Besson has said that the Federal Reserve suffers from mission creep and institutional bloat.

He's now calling for an independent review.

Would you support an independent review,

or are you open to any sort of reform

in any areas of the Fed?

Of course, I'm not gonna comment on anything

the Secretary says or really any other officer says.

So in terms of reform at the Fed,

you know, we just went through a lengthy and I think very successful process of updating our monetary policy framework.

I would say there's a lot of work going on behind the scenes around the assets we have in the Federal Reserve Bank system,

federal reserve system and at the board.

Are they the right size?

We're actually going through a 10% head,

at 10% head count reduction through the whole Fed,

including the board and all the reserve banks.

The employment at the Fed at the end of that

will be basically at the same level it was more than 10 years ago. So we will have had zero job growth for more than a decade when we're finished with that. And I think we'll probably do more than that. So I think we're certainly open to constructive criticism and ways to do our jobs better. Not an independent review? We're certainly open to constructive criticism and ways to do our jobs better.

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