blanchflower will join us.king forward to talking to him about the quality of the you arent lisa: jeff, talking about washington, d.c. and the need for fiscal stimulus. right now it seems like there is not a ton of urgency based on the fact republicans are going home and there might be some sort of executive order. this report will not light a fire. as the market too sanguine about another round of financial support? jeff: there is a lot of uncertainty. you look at the report and it adds to that uncertainty. the market is expecting some kind of compromise, some kind of deal, perhaps they were leaning towards the higher end. eventually the market is expecting some kind of next round program to come through. today's payroll report still gives a bit of ammunition. we talked about 10.2% unemployment rate. we are making progress, but highlights the significant amount of damage that has been done and continues to impact people. that is the argument for another program. lisa: how do you use the economic data we get to

as early as 2014, danny blanchflower and i were talking about looking at labor force participation across the u.s. states as the main way to predict inflation. that was part of a broader movement of people. you should not focus on the narrow unemployment. wet of what we understand is were mis-measuring the actual amount of slack in the labor market. i think the fed has caught up with that. the other thing going on that is powellrtant is chair made a lot of references to things call the real economy, which sounds ironic. meeting not just money supplier inflation expectations, but real factors like productivity growth, our demographics, what is the effect of the pandemics, and pointing out that when real trend rate goes down it has impacts on the interest rate. these are not things the fed can control. i think this is very reasonable. there is not a great theory behind it, but the theory took us to the long -- to the wrong place. the fed can determine inflation a matter what. sorry to go on so long, but i think this is genuinely important good david: clearly it is important. at the same tim