neil dutta, good to catch up. neil: thanks, guys. sounded a bit testy but i know we are all friends. lisa, you have to interrogate the bullish view. he has been right. lisa: kudos to him. i think it is important to have skepticism. that is our job as journalist. tom: i would take this right to jackson hole. it will be fascinating. the emphasis or deemphasis on social economic policy, neil dutta is saying he does not care about it. what he cares about is economics and data. it is a boom economy. jonathan: i would go one step further. lisa will agree with this. when you are in the market and you have to offer a view on where the economy is going, you get far more attention with the outlier calls going to a bear market, growth will be terrible, huge downside surprise. when you are in economist you have to make projections for people that want to make money. the more constructive view seems to attract more negative attention in the press even though the more constructive view is often turned out to be right. tom: i strongly agree with th

neil dutta says this is a massive start to q3. jonathan: is what we all wanted to see.ey rosenberg of blackrock, great to catch up. 943,000 the number, 870,000 was the estimate. an upside surprise and a nice upward revision. it means nasdaq futures are lower .33% come s&p 500 futures firmer .1%. your 10-year gilts up about -- your tenure yield -- your 10 year yield up five or six basis points. that is quite a turnaround. tom: i will dovetail this report into what we see in the mohamed el-erian s8 in the washington post. it is not that he has to modify the essay but he may be more strident about a need for fed action. jonathan: that is the conversation i will have. mohamed el-erian, michael collins, rick rieder, anastasia amoroso. the best lineup to get the reaction to the payrolls report. that show starts in 17 minutes. tom: the secretary of labor will be with us as well. michael mckee, i want to go to you. buried in this report are two reports. there is nonfarm payrolls and there's a completely different report. i remember david malpass was yelling when they paid any a

tom: i go back to what neil dutta said. it is like the three stooges. inch by inch.n: september, maybe later on. what is a couple of months? is a couple of months what divides the super doves and the doves on the fomc? a couple of months of qe? tom: right now, and a joy because of our president note -- because of a prescient note, lara rhame joins us. she is jaded and grizzled and she takes a whole different look. i love how you take it out to where we are with our many jump balls. which is the jump ball you are the most focused on? lara: the jump all right now is inflation rising significantly. at that we will get another upside surprise on wednesday and it is starting to bubble up from a lot of different places. when you look at the fed and their new framework, it seems like everybody on the fomc is interpreting that a little bit differently. that is the jump ball right now. we get the inflation numbers and we get the doves talk about how we have made substantial progress. we can think about removing policy accommodations sooner rather than later. then we get the s