priya misra mentioned it. minutes were inconsistent with the news conference chairman powell conducted at the last meeting. did that chairman deliberately not reflect the consensus on the film see in the news conference -- on the fomc in that news conference for delivered reasons that forget dilbert reasons -- for deliberate reasons? i'm asking a question. tom: check fitzpatrick briefs this morning was bloomberg government. no shut down. so what? what does it mean? jack: so what is a good question. yes, we are going to avoid a shut down once they stopped at measure is signed into law -- the stopgap measure is signed into law by the president. that check would -- that checks one big thing off the to do list. there is still no action, no movement, some talks on the debt limit. that has a hazy deadline, but it could be a soon as mid-december. there have been talks between senators schumer,, on how to handle that, but every senator i have talked to said there is no plan, and they may need a couple of weeks to get

tom: i want to know where priya misra is.athan: if in a couple of years we are still up there, how does that change things for the market? tom: we continue with ken rogoff on radio and television. as you mentioned, paul volcker, i want to go back to the courage of 1979. the doom and gloom crew wants volcker courage right now. i do not hear that from you that that is needed right now. what is the prescription for 2022, but what kind of courage is necessary for our monetary economist, our leaders on this theory? ken: we are in this pandemic where there is such a menace uncertainty. -- there is tremendous uncertainty. in 1979 it was clear what had happened. there was broad consensus the fed needed to do something and the politicians pushed back and i'm not sure jimmy carter knew what he was doing when he appointed paul volcker. today there is a lot of lingering uncertainty. i mentioned at the beginning that everyone on the fed is terrible, they're idiots. it is monday morning quarterbacking. i did not know when the pandemic brok

i think priya misra of td securities make clear rising inflations, but if it ebbs, it will not dissuade bank. the brilliant note from your colleague ellen center overnight , who stood her ground and said inflation will cool in february or march of next year. what does jerome powell do if we see a cooling inflation? seth: the real answer, it depends on how much it is cooling. you will start to see it in q1 and more in q2, but just coming down is in going to be enough. when i took the change in paul's rhetoric to mean is that he still cares a lot about the trajectory of inflation, but he also cares about the level now and started talking about price stability being the past two full employment. he said they would hike even before they got to full employment if inflation was too high, so now we are looking at not just the need for inflation to come down, but also with that level is going to look like. lisa: i would love your sense of what happened yesterday from the federal reserve that may be unwarranted if you see a cooling off in inflation. we saw stocks rally, bonds rally, everything r

coming up are going to priya chat with priya misra from td securities. angie! you forgot your phone! hey lou! angie forget her phone again? yep. lou! mom said she could save up to $400 on her wireless bill by switching to xfinity internet and mobile. with nationwide 5g at no extra cost. and lou! on the most reliable network, lou! smart kid, bill. oh oh so true. and now, the moon christmas special. gotta go! take the savings challenge at xfinitymobile.com/mysavings or visit an xfinity store to learn how our switch squad makes switching fast and easy this holiday season. paul: this is bloomberg markets, special coverage. we welcome all of our audience crossed -- across all of our platforms. another low volume for the major equity indices in the u.s.. you could call it a down day. s&p had been higher. check is in the red and the is why you are seeing the s&p in the red. paul: we have red and green on the equity side. the cryptic -- crypto side, we have a little bit of a selloff. the volatility we are used to with this asset class, and we should know that. r