jay powell says it is not time to raise interest rates and that he is ready to battle republicans over their push for more oversight over the central bank. powell sat down with peter cookll is not ready to declare that the economy is cured is he? guest: he think the economy is in a better position right now. he is worried about two things based on our conversation. he still worries that inflation is not moving toward the fed's target. he's not confident it is moving at a fast enough pace to the 2% target. he is impressed by the recent job gains. he says the last report was great but he still thinks there a slack in the economy. this into what he told me in our interview. >> it feels like there is plenty of slack left in the economy. you have people working part-time for economic reasons. people who want to come back into the workforce who are not in it. wages have been low and do not suggest tightness in the labor market yet. those things indicate that the natural rate is low. guest: the message i got from jay powell from listening to him yesterday, he is keeping an eye on the data but he is not rushing for lift off. i would not suggest jay powell is among those pushin

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tim cook last week said that two thirds of all contactless payments were going through apple pay in the fourth quarter. suddenly, they are the one to beat in the market. jayk that says more about the other two or three players in the market, not to take anything away from apple. i think we will start to see that even out. cory: you tell me. the requirements of merchants to accept liability after october 1 if they don't have new cash registers, will that drive a big upgrade cycle toward contactless payment as well? jay: i think it will, because in order to incentivize these types of payments, they will have to -- merchants will have to change their hardware and business model. when you put something that has real functional value to it, the changes can be made. and, the other players in the ecosystem benefit as well. cory: is this a marketplace kind of business where it is going to be one company that ends up dominating? or will there be a couple, or even dozens of payment platforms? jay: i think there is room for a couple of winners. with this move of google lining up with the mobile carriers and being able to distribute them by default on all the phones,

tim cook last week said that two thirds of all contactless payments were going through apple pay in the fourth quarter. suddenly they're the one to beat and they're very new to the market. jayk that's more of a statement on how poor the adoption has been for the other two players in the market. not to take anything away from apple. it speaks more to the adoption and thus to overall market share. we will see that start to even out as more standards emerge. cory: you tell me, the requirements of merchants to accept liability after october 1 if they don't have new cash registers. is that going to drive a big upgrade cycle towards contactless payment as well? jay: i think that it will. because in order to incentivize these kinds of changes , merchants really need to have a business driver in order to retrain their staff, change all their hardware, all this infrastructure that they have. and a lot of these merchants have lots of locations to do this in. when you put something in place that has a real functional money value to it, that decision can be made. and the other players in the ecosystem benefit as well. with this shift. cory: is this a marketplace kind of business where

congressman william kelly of pennsylvania also promoted the legislation, no doubt eager to please jay cooke, a prominent constituent. cooke undetood the economic benefs for his northe pacific railad the senate debated the proposed bill. man: "i have grave doub about the propriety of passing this bill-- why settlers should be excluded from a tract of land for a public park? persons would go and settle and cultivate the ground." ( various voices ) "you cannot ltivate that kind of ground." "but if it cannot be occupied and cultivated, why should we make a park of it?" "here is a region of country away up in the rocky untains where the are the most wonderful geysers on the face of the earth. it is a very proper bill to pass, and now is the time to enact it." narrator: hayden arranged for mbers ofhe house and senate to see photographs by william henry jackson and sketches by moran. jackson recalled, it was his wonderful coloring in pictures of canyons and hot springs that made the convincing argument for their preservation. narrat: moran's patings spelled any remaining sbelief about the trscende

he obtained an additnal $500 and a letter of introduction from jay cooke, a prominent philadelphia financier and a principal investor in the northern pacific railroad. in july of 1871, moran traveled by train to utah, where just two years earlier the union pacific and the cel pacific had linked to form the first transcontinental railway. he joined hayden's party in montana. they proceeded to fort ellis and soon entered the fabled region of yellowstone. moran worked closely with the expedition photographer, william henry jackson. tother they selected the most impressive views. moran made drawings and watercolor sketches, blocking in forms and contours quickly noting the colors of the terrain and the sulfurous deposits for which yellowstone is named. back in wark, new jersey moran began what he termed his "big picture," "the grand canyon of the yellowstone." for ran, the spiritual natural and aesthetic realms should blend to create a great impression. to that en he combined different points of view into one dramatic panorama. moran explained, the precipitous rocks on the right were really at m