This is CBS I on the world with John Bachelor.

Here's John Bachelor.

The American Economy, I welcome Elizabeth Peak columnist at the Hill,

Covenist at Fox News, much on Fox Business.

The American Economy waits for the Federal Reserve to comment on the highest cost of money in decades.

That is what interest rates represent.

It costs money to run a business, you borrow, it costs money to buy a house you borrow.

At these high rates, it makes you reluctant.

And therefore, Liz, a very good evening to you.

The game of the Fed cut has been extended now through several

more months I never thought we'd have to debate. That would be September of this year

and December of this year. I'm not naming October and November because

they're marked for another event that would be the election. However the reason

they've been extended into the latter part of the year is that the Federal Reserve

is not getting numbers that are conducive to say yes we're headed at 2 percent, yes we've achieved

what we wanted in raising rates so quickly.

Yes, we're on track.

Is there new thinking about the Federal Reserve, or is that it?

They're still waiting for metrics that give them a reason to believe that they've made

progress. Is that what we're waiting for, it's good evening to you? Good evening

John. Well, it's certainly last Friday when we had a disappointing jobs number the Pavlovian response of Wall Street

investors was to interpret that as good news for markets in the sense that bad jobs numbers meant that the Fed was getting some of the

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