and william colby described to him that he had a report that had been compiled under the direction of one of colby's predecessors at the cia. and the report was basically a compendium of all of the cia transgressions going all the way back to the administration of president dwight eisenhower and the chief counsel asked for a copy of that report. the report is known as the family jewels and the committee staff. the investigate matters on the church committee. use this. they use the family jewels as a roadmap to further explore national the national intelligence community and its programs. well, here's a little bit of then cia director william colby's testimony from september of 1975. cia is retention of an amount of shellfish toxin and cia is used in investigation of various chemicals and drugs. the relationship between the cia and the army biological laboratory at fort detrick as an activity requiring further investigations surfaced in late april of this year. it resulted from information provided by a cia cia officer not directly associated with the project. in response to my repeate

deeper on what we got from colby smith and john williams. i will share the quote with you.ted it would call for policy to normalize more quickly and call for interest rates to come down more slowly." there's a bias to reduce interest rates. there's a bias to reduce rates based on what happened with inflation, not with payrolls. i would love your thoughts on that. last week before we spoke and we have the data we had some guest point out maybe the inflation data did not matter anymore. do you think it is the inflation data that says the pace for interest rate reductions in the next few quarters or maybe not so much payrolls? mohamed: i think it is both. it will be inflation data and the employment numbers. i think the bias you are sensing comes from where the neutral rate is, the midpoint. the range is really large. if you look at where the midpoint is, at least to this narrative that we are very restrictive. that is where the bias comes from. my neutral rate is higher than the average neutral rate. that comes because people compare were neutral is and say wow, we are still