let's ask former vice chairman, alan blinder great to speak with you.arket is treating good news on a head lines payroll number as good news. >> right >> can the fed accept this level of job growth and take a meeting off with rate hikes? >> i think the fed is looking at it as mixed news it's not that they want people to lose their jobs, but the job market has been so buoyant and it's been a longstanding worry of the fed in terms of getting inflation down while the jobs market is so strong. i'm not saying i think they must think also, so far so, good. the inflation rate is drifting down, too slow for the fed they would like it to go down faster, but it's certainly drifting down even though the job market is very strong. look, if that could keep up forever, that would be wonderful, you know, i don't think the fed thinks it can keep up forever, and so there's both giant sadness if you want to put it that way from the fed's point of view as opposed to the stock markets in this report >> i guess the question is, i mean, certainly when you say nix news based

take pains last week to say they remain committed to the target, although we have talked to some, alan blindera good enough number out there, and i wonder if clients are asking you what it is and how the fed would communicate that if in fact there is one and we got there >> so i think this isn't a black and white type question. i think the fed is very, very focused on making sure that inflation doesn't get stuck on an underline basis, 3 1/2 to 4 or higher. i think once you get inflation under 3, degrees of freedom open up to you to be a bit more patient. you're not going to cause a recession on purpose to get inflation down from say 2.6, 2.7 to 2.0 unless you see something weird happening in inflation expectations and that kind of thing. it's not that 3 is the new target it's that there's some kind of nonlinarity there. cow can take it a bit easier in terms of the later stage you can take longer, be more opportunistic. i think in the long run, giving we still have a zero band issue down the line potentially, they would be happy to see inflation during the upswing of the business cycle in the s

remain above the fed's target of 2% joining us to discuss is former federal reserve vice chairman alan blinderew these numbers good enough to pause or skip >> good enough to pause. i would view these as, you know, within the second decimal place of what was expected these expectations aren't always that accurate, but in this case they were. you've got both the headline and the core coming down the headline coming down fast because of food and energy that's nice. but the fed focuses on the core. that's inching down. that's not so nice they would like to see it going faster than that, but down is the operative word, the important word >> so is it good enough to stop altogether or you need to see more evidence? >> i'm pretty sure they need to see more evidence. i mean, the emphasis lately, as you know, has been on the stickiness of the core it's still sticky. it's not falling fast. and they want to see more evidence that us keeps going down look, if it keeps going down at recent rates, essentially forever, you know, for the next two years, that will be fine that will be good. but they don't know