00:00At the bottom of the statement, that line sticks. The committee will deliver price stability. We've
00:06got Bob Michael of JPMorgan Asset Management alongside us. Bob, is that line in the statement
00:10enough for us not to question their commitment to price stability with inflation running above
00:16target for as long as it has been running above target? I think the three dissents are more
00:21important than that last statement. I think that it shows that they're starting to migrate
00:27towards tightening policy. You know, there's still 75 percent of the voting members that were in
00:34favor of no change. So you're only at 25 percent. But I think it's important if I were at the
00:40press
00:40conference, I'd ask about quantitative tightening. Are they talking about that? Is that something they
00:46could start up again and help snug the liquidity that's in the system? The other day, Ed Yardeni
00:52said, these are normal rates. We have to get used to rates being here again. Is Dr. Yardeni and Jim
00:59Bianca correct? We've just got to get used to these higher rates? Yeah, I think what we're seeing more
01:04broadly across the economy is a need for capex. There's demand for capital. There's a productive
01:10use of it. There's going to be competition and a cost of it. That's pre-GFC kind of macro environment.
01:17You're not going back to zero to two percent rates. Do I think there's enough cause for them to hike
01:23in September as opposed to next year? I don't think inflation is going to change that much.
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