i'm pleased to have jeffrey lacker at this table for the first time. so i say welcome to you. >> my pleasure. >> pleasure to haveou here. >> thanks for having me. >> rose: what do you make of the the minutes of the last open market committee, basically saying that they may, may take action if they do not believe the economic recovery is sustained, significant and sustainable if i'm remembering the right words. >> right, it was substantial and sustainable. >> and the economic trajectory. this economy has been disappointing. it's really trying our patience. the economy is growing slowly. the growth rate has been fluctuang. sometimes it's more rapid. earlier this year second quarter it slowed down pretty substantially. there's some sentiment around that table for doing more. personally, my sense is that monetary policy isn't capable of having a material effect on growth or employment or unemployment at this point. if it did have much of an effect it's likely it would increase inflation as well. so i'm in the camp of being a bit of a skeptic about more mon