michelle meyer is here. she has the answer. arate system for federal workforce, so it shouldn't be impacting the jobless numbers directly. it will impact if there's contractors or related jobs to the federal government that people are forced out. alix: for weddings that happen because you can't get a license. david: i worry about people trying to get married. alix: talk about ancillary businesses. david: they can get married in a church. they just can't go down to the courthouse. alix: but what if you don't -- whatever. i'm just saying. david: let's talk some about the fed. the fed minutes came out yesterday and pointed to patience. a fresh jay powell gets chance today to reinforce that message at the economic club of washington. the question is which paulo going to show up. that -- which powell is going to show up. he said the fed will be repaired to adjust policy quickly and flexibly. michelle meyer is with us, and jim paulsen as well. if the fed is giving forward guidance, what is the forward guidance we should be taking from

. >> let's bring in michele meyer, chief economist at bank of america. was surprised to see the patience and muted inflation and it sounded like jay powell last friday and not at the news conference from which the minutes came from that meeting what is going on here? how do you make sense of all of this >> yeah. i agree with that. it could be that jay powell in the actual press conference, you know, maybe he did not exactly strike the tone he wanted to subsequently he corrected himself and we heard the idea of caution, patience. there are a lot of questions out there. that was very obvious in the minutes. there is downside risks. we don't know how the financial conditions are going to play we don't know how the weakness in global growth will factor into the u.s. baseline either. there is a lot of caution. and that suggests a much more cautious hiking cycle ahead. i don't think powell really hit that in the actual meeting >> michele, i guess we are reminded with this particular meeting and set of minutes that minutes is a misleading title for this release

michelle obama. horatio sanz. chris kattan. tracy morgan. ariana grande, once again. and throots, right there behind me. [ cheers and applause ] stay tuned for "late nith seth meyers."the 8g band with todd sucherman. ♪ [ cheers and applause ] ladies and gentlemen, seth meyers. >> seth: good evening, i'm seth meyers. this is "late night." how is erybody doing tonight? [ cheers and applause ] great to hear. in that case, let's get to the news. president trump's former lawyer michael cohen was sentenced to three years in prison today for his role in making hush payments to president trump's alleged mistresses and other crimes.