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And context changes everything. Go to Bloomberg.com to get context. Welcome to the Bloomberg surveillance podcast. I'm Tom Keene.

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Bloomberg right now something special with us William Dudley.

He is a former president of the New York Federal Reserve.

There are 8, 9, 10 topics that we could speak to William Dudley about, but there is only one topic for those of economics and you've seen it percolate

We've done it on this show as well and that is a new governor at the Federal Reserve system her name name is Judy Shelton. She has an education

degree from Portland State University, which is 624 miles from Bill Dudley's PhD at Berkeley.

This is a delicate conversation, Bill Dudley, but let me

begin with a blunt question. How does this system deal with a potential

governor this uniquely qualified?

I don't think it creates huge amounts of problems.

There have been governors in the past that have been outside the mainstream

Wayne and Jill as someone who comes to mind.

And the Fed, you know, there's more than, there's seven governors, there will be seven governors

if the Waller and Shelton are confirmed.

And I think they will have a voice,

but they will not actually set the path

for monetary policy or regulatory policy at the Fed.

They'll be set by Jay Powell and Randy Quarles.

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