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The reaction function of the Fed has shifted, and I would say it goes back about 12 months.

It already leaked into the decision- decision making and if I wanted to make

it really simple for our audience beyond Wall Street the message from the Fed is as follows

when things used to get better and inflation would pick up we'd do something the

message from the Fed now is we are going to wait and

we've learned some things over the last 10 years as well. Unemployment can come lower.

We can accept a higher inflation rate, perhaps north of 2%.

I think that's the basic message coming from this Fed now, Tom.

If things improve, we'll stand back and let it continue to improve.

Nicely explain.

You nailed that, John Farrell.

And that is a good introduction to the vice chairman of the Fed.

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