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Without question, this is our interview of the day. Our Michael McKee with the great dissenter, Robert Kaplan.

Michael?

Thank you, Tom.

And good morning to you, President Kaplan.

Dallas Fed President Kaplan, one of two dissenters last week as the Fed adopted new forward guidance

that incorporates average inflation targeting.

You endorsed the old forward guidance and dissented on the new because according to this statement you

prefer the committee retain greater policy flexibility beyond that point.

What does that mean?

what it means is I believe strongly we should keep the current setting of the Fed funds

rate i.e. at zero to 25 basis points until we've weathered the pandemic and we're well on track to

achieve full employment and price stability. That by the way is probably going to

...