. >> here with perspective on what the fed said and what it may do and when is alan blinder. he's former vice chair of the federal reserve. before we get to the fed, i would like to get your reaction to the gdp report, a 4% growth rate in the second quarter. do you think that is sustainable, one, and was it, two, really boosted by a sort of snap back factor from the very weak first quarter? >> i don't think it is sustainable. i don't want to sound and you just mentioned tyler and the you look into the details and accounting for most of the forecasters errors, by the way, was inventory accumulation and firms don't just keep on piling in and piling in. >> so what type of growth are you looking for in the near term, professor? the 4% is not sustainable, what would be sustainable and what would indicate to you that the economy is on a steady growth rate? >> i think the two answers are the same in this case, at least for awhile, which is the rest of the year sort of looks three to three and a half, that kind of a number. that is sustainable for awhile, assuming as steve mentioned