Let's talk more about the Fed and what's at stake today. Joining us on the phone is Alan Blinder, former Federal Reserve vice chair and Princeton professor. Allan, it's great to have you.Thanks for joining us this morning. >> Thank you. >> Uh so this consensus idea of a hawkish cut, minimal commitment to further cuts, you got any problem with what the street expects at least.>> I don't. I often do actually as you probably remember from past appearances, but in this case I don't. I think it makes perfect sen ...

And yet on the committee, we have pushback almost. Maybe after that, Fed Governor Michael Barr had this to say. I'm concerned that we're seeing inflation still around 3%.Inflation is closer to three, that it is to two. What do you make of that argument. How persuasive is it.It's not persuasive to me, and I'll tell you why. All of the inflation excess, almost all of the inflation excess is a mirage. It's not indicative of supply demand imbalances.And so, for example, if you look at the housing market, right, ...