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Investors have put their trust in independent registered investment advisors to the tune of four trillion dollars.

Why? Learn more and find your independent advisor.com. Welcome to the Bloomberg Surveillance Podcast. I'm Tom Keene always with Michael McKee.

Daily, we bring you insight from the best in economics finance investment and

international relations find Bloomberg surveillance on iTunes sound

cloud Bloomberg dot com and of course on the Bloomberg Bloomberg. Stanley Fisher. Professor Fisher, wonderful to speak to you.

Good to see you, Tom.

Again, I want to get out of the way the September-December dance.

I'm not going to ask you what you're going to do here in a few weeks

because you're not going to give me an answer.

What I want to know is not the if, but when there is a rate increase, can you in Chairyell and frame a one-off event, or are you forced into a measured, a higher vector of rate increases?

Can you do one and done or even two and done?

Or do you have to go to a measured set of rate increases like what we saw

a decade ago? Well the the work of the Central Bank is never done and I don't think you can say one and done and that's it.

We can choose the pace, but we choose the pace on the basis of data that are coming in.

So I don't think we know at the time we start, whether it's one and done or several, it depends entirely on what's happening in the economy.

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