The early 1980s when it was not clear the fed could control inflation and the 1990s when the fed controlled inflation. Inflation today is under control, but there are new challenges from trade. Inhave much experience addressing typical macroeconomic developments, but fitting trade policy uncertainty into this framework is a new challenge. Unemployment is near a 50 year low. Inflation is not rising as the old model suggested it would. With Inflation Expectations so w, the neutral of rate neutral rate has fallen. Incorporating a lower right into policymaking does not require a significant change in our approach, but it may demand more fundamental change. How they change will depend on the policy review the fed is conducting this year. He takes no position on where they will end up. Does a promise to act as appropriate meet wall streets test . Vonnie i know we have to let you go in a moment. I want to get reaction from you to this speech. It says a lot for the jackson hole speech. The fed