I'm John Batchel. I welcome Elizabeth Peek, writes a column for the Hill,

writes a column for Fox News,

much on Fox business, to comment on the Kevin Warsh era. Now confirmed to be the chairman of the Federal

Reserve. Congratulations, Mr. Warsh, and you're faced with a puzzlement, which you are veteran,

and you've solved puzzles before. That is the American economy first rate, flying along.

At the same time, there's a war in the Middle East that has choked off oil to the globe

and led to higher gasoline and diesel prices and other commodities that are necessary

around the world, including the United States, making politics an unhappy business these days of people

yelling about the price of milk and price of gasoline. So what is to be done? Liz, a very good

evening to you. The choices for Mr. Warsh are cut a rate here to make the markets gleeful,

raise a rate to make the markets gloomy, or do nothing,

and talk about it at length without clarifying what you're going to do next.

Okay, Liz, your choice.

Good evening to you.

Good evening, John.

I think Kevin Warsh takes over the Fed, as everybody knows, with the economy strong.

April consumer spending was up 4.8%. And even if you take out higher gasoline prices, it was still up 4%. Very good news.

The GDP now from Atlanta is 4% for the second quarter. So you really had a big ramp up in construction

and manufacturing and consumer spending. So really the thinking is between the PPI coming out

and the CPI in the last couple of weeks higher than the hotter than expected are inflation

and the economy doing quite well, including, by the hotter than expected or inflation. And the economy doing

quite well, including, by the way, the jobs picture that Kevin Warsh is not going to be able to

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