The Importance of Credibility in the Federal Reserve

The markets reacted very strongly today, right? When Powell took off the 2075 basis points, you immediately see that being priced into the market. So it looks like they are. Now, when Powell was asked his credibility question today, he kind of maybe misinterpreted. But I think what the reporter was really asking was your credibility and achieving your goals, not that your tools work. Jim Cevallos: Isn't it kind of strange if you are so far behind, it would make sense theoretically to be above neutral rather than just kind of going to neutral.