randall kroszner continues to be with us. how does this change the calculus for the federal open market committee? randall: i think it is really clear that they are on a path to continue to raise rates. certainly, 75 basis points will be on the table for the next meeting. it is not only the strength of the labor market but also the significant increase in wages, higher-than-expected upward revisions. that that really worries about inflation expectation becoming entrenched. they hope inflation will come down below 5% fairly soon. but if people are still demanding 5% wage increases, that gets them into difficulty. that is why they will continue to move. they will certainly be in the 4's early next year. i think it will be there for a while. when the fed moves rates up, it is not that they can just bring them back down, they keep them up for a while because they want to stamp inflation expectations out of the system. jonathan: does this pass the smell test to you, a number this big? randall: you never want to put too much emphas