• Does not know if there will be a cease fire agreement with Putin
• New arms agreements are possible. (Putin refered to this earlier today)
• Does not tell the Fed what to do
• Maybe the Fed starts with a 25 basis point cut and accelerates.
• The Fed could cut by 50 basis points
• Says there is room for a series of cuts
• ON Fed chair job, need someone who is going to rationalize it
• Models on neutral rate suggest it is lower