This is CBS I on the world with John Bachelor.

Here's John Bachelor.

The American Economy, part of the global economy, right now, there's reason to be cheerful.

We're told from the European point of view,

America's going to outgrow our allies maybe as much as twice.

However, from the American point of view, I welcome Elizabeth Peek,

columnist at the Hill, Thomas at Fox News, observing the Federal Reserve right now, which for more than a year has watched

the rates eat into inflation and inflation going in the right way, but not enough yet to say inflation is solved.

At the same time, there is observation everywhere that the inflation is not only in the large products that we're

selling but in food at the grocery store and that is a political challenge.

Liz a very good evening to you the Federal Reserve is not a political apparatus, but then again it reads the front pages.

It can see that the inflation story is still part of our worry.

It can also see that the employment story is not in any way slowing down.

Despite the direction, we're healthily employed, we have jobs for and offering jobs in all directions.

So is it wrong-headed to declare America's economy strong and that inflation will eventually be tamed but not by cutting rates.

Good evening to you, Liz.

Good evening, John.

Well, we've been through quite a few ups and downs in sentiment over the past year about nearly everything.

I mean it's really a curious thing to look back and realize that the absolute consensus

was for recession time and time again

recession last year recession the beginning of this year and now people

kind of throwing in the towel and saying, okay, maybe this time really is different, maybe there

...