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Of 3.1 or 3.2, something like that. we're not seeing in a acceleration. >> it is used for productivity which gives you growth and income and higher asset prices. paul: you can pay people more! [laughter] >> precisely. the problem now is trade policy is blunt and probably some of the supply-side impact of the tax cuts that we saw. paul: on investment? >> on investment because companies obviously are somewhat more concerned about what the future may hold. about their supply chains, about the product, is the tax cut is there, bad news is that you probably are not seeing the full benefits of a tax...

Next year people start to get worried that president trump may not be reelected people might start to try to pull capitol spending into 2020 because of the accelerated depreciation that you're seeing. people might be worried about that peer regulatory i think is still -- tech is a different story but for the most part i'm not sure that's a problem for the fed that was the only other it seems to me the policy is too tight at this point to sustain a trade war. interest rates would have to be lower if the trade war will be longer-lasting. paul: as i learned monetary policy, jason, it is not suppo...