00:01What do you see happening, Nisha, next week? What do you see, Kevin Warsh, how do you see him setting
00:06the table for that maximum optionality? I mean, he can't lock himself into any kind of position because he's got
00:15a president who's watching him. He needs to kind of perform and deliver what the president wants, which is being
00:20able to cut as needed.
00:22Yes, which is why I think this optionality component is so key. And so, you know, this is going to
00:27be a meeting about establishing credibility. And so perhaps, you know, the appease of the hawks on the committee is
00:34by dropping the easing language. But again, not necessarily creating any further language to instigate that the next move is
00:40going to be a hike. So I think, again, that optionality could appease both the administration, perhaps the pressure at
00:47the same time, really kind of appeasing the hawks that are on the committee.
00:52Again, this is such a big meeting for Chair Warsh that first, this is going to be, I think, just
00:57for the market in terms of the credibility, the tone, the communication. And I imagine there'd be no immediate surprises.
01:06So again, I go back to perhaps there's a way to make both sides happy at least next week. And
01:13I imagine that in some ways that is what Chair Warsh will try to do.
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