david wessel, great to have you back with us. >> good to be with you, judy. >> woodrufflast month weing about 224,000 jobs have been created in april, now 75,000 in may. what happened? n >> welbers bounce around quite a bit from month to month, but, as you pointed out, on average, we're creating fewer jobs now than we did just a few months agoec thomy is slowing down. ong. still str unemployment at a 50-year low. manufacturing has been weak. i think if we could see 150,000 jobs a month, whi is what we've averaged over the last three months, and a0-year low with an unemployment rate at 6.3%, we would be very hppy. the problem and worry is, as you look over the rizon, things look like they're deteriorating, in part because of the frighum president has created with these tariffs he's threatening to improse on mexico and the ones he's already imposed on china. >> woodruff: how much of are drag is thatsenting? yes, there are tariffs already imposed on china. we don't even have the tariffs imposed yet on mexico. why is that a drag? >> well, i think it's clearlync trated pain on some people

. >> joining me now is david wessel, director of the hudgens center on fiscal and monetary policy at ngs institution. david, these are fascinating events to follow for everybody but what do you think it means, practically speaking, for the meeting today, for the decision and for what powell does from here >> well, i think the president has put the fed in a very awkward position on one hand, there is a case that the fed should be cutting interest rates today the economy has slowed somewhat, and inflation remains below their target, and it's not even going the right direction. and with interest rates so close to zero by historical standards, there's an argument that the fed ought to move sooner rather than later. on the other hand, the fed doesn't want to look like they're caving to the president. they always say, of course, they'll make their best judgment based on the economy and all that and i believe them but they know that if they cut interest rates today, everybody will say they caved to the president. >> right. >> that will hurt their credibility. >> right and you have stan fisch

how will the candidates take on the trump economy joining us right now is brookings institution david wessel of the fiscal and monetary policy. and heritage foundation's stephen moore. david, tell us what you think happens here, who do the candidates take on the trump economy? >> i think they say two things one is obviously the economy is doing pretty well. but a lot of people aren't feeling it so they'll be speaking to people who feel insecure, people who have a lot of student loan, worried about health insurance costs. people in communities that aren't doing very well and secondly they'll say the economy is doing okay now, but president trump is ruining it with this -- with the trade wars and inconsistent policies towards the middle east and incompetence in government and try to paint him as reckless and endangering the strong economy that we have now and they'll say he inherited from barack obama. >> david, do you think the old adage works in this election this time around it's the economy, stupid. >> it's a really good question on one hand, the economy always matters. i think if the econ