with us now is julia coronado, macro policy perspectives president. what did you make of that? julia: a clarion call for more stimulus from the fed chair. that is not new, but it is particularly overt. he sounds more worried about the outlook. i think reflecting two things. one, the flattening in the data momentum is still positive, but it has flattened out. he noticed and acknowledged that more clearly than he has to date . and i think the prospect of no fiscal stimulus are more acute now than they have been, and i think that really worries him. monetaryhe point that policy works together with fiscal. , andeed the fiscal support together they can support the recovery. by itself, monetary policy can't get the job done. alix: so does d.c. listen? julia: i think we are so tangled up in politics and division right now, i don't think so. i think the bar for getting something done before the election, which is less than a atmosphere i made an that is fraught with tension, i think the chances are more than likely that it gets kicked to after the election, and then we various political

joe: for more, i want to bring in julia coronado.ust sort of give us your top line take of what we saw in the inflation data. everyone expects that we are years away from the first fed hike. nonetheless, people are trying to figure out what sort of signals we can get. >> it is kind of amazing how robust the debate around the inflation outlook is given the data. i think you hit all of the major points. looking under the hood, there is a lot of disinflationary pressure. an importantch one. it is really just in the early stages of what is likely to be an ongoing descent. climbing in some places but in most places, it is an and to the inflation. that is very normal. that is how we identify our phillips curve models. we usually do not see rent bottom until a year or two after the recession. i think these pressures will be with us. as you mentioned, they are concentrated in services where demand is the weakest. goods like cars are surprisingly strong, stronger than normal. it is a bit of a different pattern. but, overall company does point