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Fed decides I'm scarlet fool along with Tom Keene and Mike McKee.

Well let's find out what it must be like inside the room today and talk with somebody who was inside the room for several years

former Fed governor now University of Chicago Booth School of Business Professor Randall Krosner.

He's joining us live from Chicago.

Randy, you know they're going to be talking about the inflation numbers today and you know

they're going to be talking about the possibility that the Phillips curve is back.

We're going to see wage inflation. The question is, can monetary

policy stay ahead of inflation, given that it's so low, can it catch up if it starts to

accelerate or is the Fed going to be behind the curve?

Is that going to be one of the questions that they're debating today?

I think that's dead on.

That's exactly the issue that's on the table exactly where is inflation going

so we have seen very low inflation of the last few years we've now seen a few signs

...