This is John Batcher, conversation with my colleague Elizabeth Peek of the Hill of

Colonists of Foxnizocolonists about the choices for the Federal Reserve as

it meets here in June.

The choices are between two unacceptable possibilities.

One is that the high cost of money remains and the three cuts promised at the end of

2023 turn into one or none because the

target of 2% is out of reach right now and the Federal Reserve is paused for a

long time it says. The other choice is for the Federal Reserve to move

ahead with cuts as promised and then for inflation to return. What is worse? A recession or the return of inflation? Elizabeth

Teague very much characterizes the choice. It's not easy that they pay the

Federal Reserve to make that choice.

More of this later tonight.

In fact, that's what I think a recent poll to show people hate inflation so much, they'd rather have a recession than have that

price inflation come back. And understandably, right? Because, you know, we haven't seen a recession in a long time and people have kind of forgotten what

is like not to be able to get a job.

So perhaps that's, you know, something informing that response. But but yeah people really don't as I think the journal had a story last week

people really really hate inflation and it's true