plosser, professor, thank you so much. voice of dissent, often, to a more liberal fed. scarlet: this is our special covering the fed decision. your joining us on bloomberg television and radio. is tom keene and michael mckee. in about five minutes, six minutes we will take you live to the federal reserve for janet yellen's news conference. i rock, as we await her news conference, what's the number one issue that she needs to address that would come down investors? i think that she could make a mistake and while up investors. that's the single biggest thing, what is the new communication? what are some of these -- mr. plosser just mentioned, what are key drivers, economically, that they will look at outside of standard unemployment and deflation. ,ne thing that mr. plosser said which i disagree with a little bit, they have experimented with specific targets before. for along time they have it when they got the 5.5% they thought that they would hike on unemployment. they blew through that and never hike. they had to say -- well, maybe we are wrong. one of the reasons for

plosser, this is sandra smith.ke, as you put it, is going to happen tomorrow. how does that put us in comparing son globally. when you look at other central banks around the world and see their economy, they need to be easing right now. so, if we start the tightening cycle tomorrow and raise interest rates, albeit a quarter of a point, what does it do to our competitive-- to our competitive stance globally? >> well, look, i mean, i think every country is different. every country has its own domestic challenges as we just talked about. oil producing countries or energy producing countries are having a tough time. maybe they're in a position they want to be easing. that doesn't mean that the united states is in the same position or should be in the same policy. so, i think monetary policy is largely a domestic issue. if you-- unless you've got an economy whose exchange rates pegged to the dollar or some other regime. so, i think-- i don't worry about that too much. if the economies are doing the right things for thei

scarlet: i thought of how charles plosser will be on with us later on and he is written something innttalking about versus unanimity in the fed decision and how it creates concern -- confusion. have been on the old days were everyone did their arguing inside. now everyone talks outside . themhere is a day to check the dow is doing nicely, watch that off of the fed meeting. the euro is 109.56 and gold is 1070 pounds and we will be back with the fed decides. ♪ the fed decides come as on bloomberg television and bloomberg radio and bloomberg.com. we are less than five minute's away from the fed decision we will take you there live. i am here with tom keene and michael mckee. tom: very good, many good people to talk to. i want you to take is back to the third week of august, 2007. i remember the emotion as the fed went to the discount window. review for us the courage that the fed had in 2007. bad,en things really got you might recall that i was on bloomberg television with kathleen hays on july 20 3, 2007, when the commercial market -- commercial paper market broke it the fed said you c