In this conversation, Pedro de Costa speaks to Dr Thomas Honeg.

Honeg has earned a reputation as a fierce anti-inflation hawk when he served as a voting member of the a Today, Honig speaks to Pedro about the extreme measures that the Fed is taking in order to support

asset prices during this unparalleled exogenous shock that the quarantine has inflicted on markets.

Honig explores how big he thinks the Fed's balance sheet will get and what he thinks the potential knock-on effects are of a sustained zero interest rate policy.

Please enjoy. Pedro de Costa and it's my pleasure to welcome Dr Thomas Hanig.

Tom spent all of 38 years I believe at the Federal Reserve in a very long and distinguished

career and I got to know him during a little bit before actually and during the 2008 financial crisis in his role as Kansas City Fed Chair where he was instrumental in making a lot of the decisions about how to deal with that crisis.

And subsequently he went to the FDIC where he was vice chair there. And he is now a distinguished fellow at George Mason University's Mercata Center.

So thank you so much for joining me, Tom.

I really appreciate it.

It's good to join you this morning.

Thank you. Good to see you again.

Well, it's my pleasure.

I wanted to start by asking you what I've been asking everybody.

First of all, is how are you doing in this pandemic?

How has physical distancing affected your life? And are you and everybody in your family

are okay? Yes, fortunately we're all okay. The distancing and the isolation is like I think for most people beginning to wear on us and so we have family not very far away and we can't get together with them.

But that's a small price to pay for health, So we're happy to do it until this thing passes.

Absolutely.

I feel like we're, you know, I was looking at the stats and we're,

we're in a blessed minority that can accomplish our work remotely in the first place.

So, you know, I want to ask you, we seem to get mixed messages from the Fed as far as the economy itself and the strength of the

...