00:00That's why we've got Teflon inflation here because in order to get a wage price spiral you've got to get
00:05the wages to go up and that's not happening and that is why I heard your earlier conversation that is
00:09why the Fed is absolutely right not to raise rates right now.
00:12If you look at just how slow that job growth is it says the natural growth rate of the economy
00:17is probably lower which probably means that I don't really believe in our star but if I didn't believe in
00:20our star it'd say it'd be lower.
00:22It says you know maybe we're not so easy here anyway but there's very little sign of inflation flowing through
00:27the economy in any of this.
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