The Fed's View on Inflation

Jeff, you've been skeptical about how much the Fed would be able to hike. Joseph: I don't link them at all to quantitative easing because there's no evidence that low interest rates do not equate to economic growth and activities certainly don't correlate very well with consumer prices. The Fed got it right the first time when they said this is transitory. We've been going through these CPIs up through the roof and 40 year highs for almost a year now. And people don't equate that to transitory.