tom: our esteemed reporter craig torres joins us on short notice. ughts on what we would see from dallas after this medical condition in boston? craig: i don't know. that is kind of up to kaplan and his board. what i would say is we are in for some big changes in the composition of the federal reserve. potentially four openings at the board, now i president. that is -- now a president. that is potentially five new dots. that is very influential. all of these people will be participating in these discretionary areas like what exactly do you mean by average inflation. is it three years, five years, 10 years? what exactly do you mean by maximum employment? lisa: given all of the openings we have at the federal reserve and given the compositional mix that we currently have on the fed, what is the likely political pressure to get a fed official who is incredibly dovish or somebody perhaps who is a little more concerned about inflation and how much the fed can tamp it down? craig: for eric's job? you are getting into some thing that is very subtle. remembe

katerina and craig torres nailed this in the bloomberg article this morning.nybody involved in the government and particularly in the fed, buy, sell a floating-rate bond etf? if 70 tells me like you, you load up on amazon and you don't trade it, that is great and you are participating in the economy. jonathan: --your equity market looks like this. output 4% on the s&p. tom: i am on the fed show three hours into this of powell's conference and they are trading etf? jonathan: i am not sure that is what is going on. from new york, this is bloomberg. ♪ (announcer) back pain hurts. you can spend thousands and still not get relief. now there's aerotrainer by golo. you can stretch and strengthen your core, relieve back pain, and tone your entire body. (man) and you're stretching your lower back on there. there is no better feeling. (announcer) do planks for maximum core and total body conditioning. (woman) aerotrainer makes me want to work out. look at me. it works, 100%. (announcer) find out more at aerotrainer.com. that's aerotrainer.com. jonathan: live from new yo