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Vince Reinhart with us, and it is a timely conversation because so much of what we heard at the World Economic Forum meetings

was about core theory. For years he led the theory study at the Federal Reserve System and was way out front with a number of other lead economists on

driving forward the terms, the words, and the jargon of the Fed.

He is of course melon chief economist and he joins us this morning.

Vince, one of the words that John and I heard

interview after interview was either tool or toolkits as well. What is the tool kit that Chairman Powell has at the

press conference this afternoon? What's available? Pretty limited in the sense that

I think they still believe that the funds rate is in the right place to keep the economy in a good place.

One thing you'll never hear from a central banker is admitting defeat. You can always do a little bit more of what you've

done previously, including making your balance sheet bigger and changing composition.

John, that's equivalent.

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