jonathan: we will be catching up with adam posen.. ♪ you know what's brilliant? boring. think about it. boring makes vacations happen, early retirements possible, and startups start up. that's why pnc bank strives to be boring with your money. the pragmatic, calculated kind of boring. jonathan: equity futures on the s&p, up by .1%. in 40 minutes we will get data for you, ppi and jobless claims. bond yields are lower by two basis points. under surveillance this morning, the fed's long pause. >> at face value this isn't good news for the fed. we could talk about the inflation target for an economy going through massive structural change. it would not be so obsessed with 2%. it would be flexible. there is no meaningful forward policy guidance coming from this fed and that's the mistake. look for the fed policy not to act as an anchor for this economy, but fuel volatility further. the pause button will be on longer than what the markets have been expecting. jonathan: the markets are bracing for president trumps reciprocal tariff plans an