The Fed's Causal Understanding of the World

There's this great puzzle and economics just how does the Fed raising interest rates do anything about inflation. And I got a one it's a feature not a bug. If inflation goes away without causing that recession in labor markets that'll be a great and wonderful thing because you know we want people to have jobs. There are kinds of theories about why this labor market's a bit different obviously immigration certainly legal immigration's down, there are some demographic dynamics at work to.