This is CBS, I am the world, I'm John Bachelor.

The American economy is small business.

Small business is American business is where the future comes from is where the hiring

is done, it's where the innovation starts.

Therefore I follow very carefully Gene Marx's small business column for the Guardian News

by the UK U.S. edition, for the Philadelphia Inquirer and he writes a small business and

a variety of distinguished publications, always watching small business but we begin with

some big talk here.

The federal market meeting of these last days has now published their notes and from those

notes we take the direction of the Federal Reserve and the interest rates, you'll remember

there been 11 hikes since the spring of 22 and that's discouraging if you're building

or hiring but Gene, a very good evening to you.

The Federal Reserve now says what you've been saying for some time, it is very difficult

to find a recession anywhere in the numbers we've had, the jobs numbers, the retail numbers,

the housing numbers, it looks like we're coasting along, spending money, enjoying ourselves

fully employed but now the Federal Reserve says there's no longer predicting of a recession.

However, what are we worried about Gene, if not a recession, good evening to you?

Hi John.

Well, there's a few comments from the Federal Reserve's open market committee for starters.

The Federal Reserve likes to slow down in the economy, they want to slow down in the economy

because it's slow down in the economy, slow down in the acceleration of cash into the

system, there's a giant amount of cash sitting on their balance sheet and the more cash

...