This is CBS I on the World with John Bachelor.

Here's John Bachelor.

Federal Reserve Governor Michelle Bowman

said Bloomberg, she sees a number of upside risk to the inflation outlook

and reiterated, speaking in London, the need to keep borrowing costs

elevated for some time, the cost of money at the Federal Reserve. I welcome

Elizabeth Peek, a columnist at the Hill, a columnist at Fox News, much on Fox Business,

comment on the Federal Reserve's hesitation, reluctance, shyness about in some fashion addressing the most expensive money we've had in decades.

Liz, a very good evening to you. I appreciate the fact that the Federal Reserve is being

cautious after having been incautious in the year

2022 about so-called supply chain and fleeting inflation. However, this caution is

leading to what you'd have to say is grim, grim reporting in the

housing sector and people living paycheck to paycheck are not doing well either so do we have a general description of what the

Federal Reserve is watching for is there one metric is there a group think what

is what is the measure of the Federal Reserve's hesitation, I'll call it that, at this point, to move in the direction promised at the end of last year. Good evening to you.

Good evening, John.

Well, I think what happened is that coming into the year,

as we all know, Wall Street analysts

and I think the Fed themselves,

Jay Powell, were pretty optimistic

that they would start cutting rates,

you know, let's say around March or April,

...