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On the program today, what it means that the Fed got it wrong on inflation. From American

public media, this is Marketplace.

In Los Angeles, I'm Kai. Resolute is Tuesday. Today, the 20th of December,

good as always to have you along, everybody. So, you know, back in the day, when the word

from the Fed was that inflation was transitory. Back in the day, I mean, you know, a year and

a half ago, there were a couple of really prominent voices taking the other side of that argument

that no, it wasn't transitory and that the Fed was way behind the power curve.

Muhammad Al-Aryan was one of those voices. He's the president of Queens College, Cambridge,

and the chief economic advisor at Aliens. And we had him on the program a couple of times back then,

and we thought now with inflation, definitely not transitory, but maybe kind of easing a little

bit in the Fed's slowing, but still hiking interest rates, we thought this would be a good time

to have him back on. Welcome to the program.

Wonderful to be with you. Thank you.

It has been, I checked my records here. It's been a little bit more than a year since we had

you on. A lot obviously has happened. Last time you were here, transitory was the big thing.

Now it's soft landing and when the Fed going to pivot, let me before we get into

...