mr. bullard: i don't think so.talked about is the low productivity growth regime and labor productivity growth has only been about one half of 1%. we don't see that changing, near term. another part of the regime is very low real rate of return on government paper. we don't see that changing anytime soon. those of the fundamentals. and then we say let's make monetary policy given these few facts. and that brings us to the six of three basis point projection. kathleen: however, we are seeing more strengthen the economy. is it possible that if this trend continues -- even if the regime hasn't changed, that growth numbers have picked up and you will be in the camp saying we better debated seriously in september. if we don't move them, maybe in december. mr. bullard: i haven't seen anything in the data that suggests that those two factors are really changing in a fundamental way. it is true that tracking forecasts are up for the third quarter. with gdp growth in the third quarter and an annual rate of 3%. but i would s

these yellow dots at the end that is mr., bullard and what he thinks about reassessing the normalizationasically do something, do it once, and do nothing for the next few years. alix: his reaction was -- we are close to our goals, close to neutral. the red line is the projection. williamse line is projection. the idea is we are host to the line. there is not that much room to hike. that is the better question to ask, not about the velocity of money. jon: in the long-term, he is saying we are not far away from the neutral rate. we are practically there. do it once, game over, let it go. alix: we have heard that from dudley and williams. coming up, stocks don't need growth to head higher. all they need are low interest rate. steven wieting is up next. goer, robert kaplan joins live from jackson hole. this is bloomberg. ♪ jon: this is bloomberg . let's get a check of the markets for you. dead flat. equities going nowhere. down, i think you get the story. on a 10 year, down about a basis point, but where it opened on the week. dollars yen trending. even nymex crude unmoved on the session