WEBVTT

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We, we all write down our estimates of the

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longer run neutral rate every quarter in the summary of

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economic projections and, and that's based on models,

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it's based on also looking out the window and,

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and including lags thinking, how are our current rates

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affecting the economy? So the evidence of your eyes

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is that the economy is, is handling much higher

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rates at least for now without difficulty. So notionally

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that that might tell you that that the neutral rate

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has risen or it may just tell you that we

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haven't had rates high enough for long enough. Um

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You're right though, but you know, you,

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you, you have, we have models for everything

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. We have formulas for everything. Ultimately, as

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a practitioner, we have to, you know,

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be focused on what the economy is telling us even

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taking lags into account. What's it telling us?

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Does, does it feel like policy is too tight

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right now? I would have to say no,

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I think the evidence is not that that policy is

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too tight right now. Um So, and,

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and we're at 55 and a quarter to 5.5%.