"If it is safe for you to do so at the moment and and you happen to have some loose change in your pocket or your purse toss a coin for me. Would you heads the economy is fine tales. The Fed is going to cut rates at the end of the month. Yes a trick question because both are true but that's only half. Maybe a quarter uh of the story here for the rest of it are Catherine Pell. She writes for The Washington Post. City bready is at politico. Hey Everybody Hey Katherine. Let me start with you <hes> and and put put this question to you. The Fed Chairman Jay Powell went to Capitol Hill Hill today said in essence the American economy is fine were a little worried about global headwinds and so we're going to cut rates because why because there are those risks out there <hes> including <unk> as you pointed out global headwinds trade policy uncertainty he talked quite a bit about that <hes> at the prompting of members of Congress well <hes> so there are risks out there <hes> the headline numbers look good but the goal of the Fed is he put would it is to prevent us from getting into a recession to to keep it looking pretty good not to wait until things get so bad that <hes> that it's a little bit too late for the Fed to catch up and try to make things better she deep the cynic in me says you know he's doing this because the market wanted the market expects it and what the market wants. The market gets from the Fed. Yeah some people think he's being bullied by market. Something pissing people think he's being bullied by Donald Trump <hes> and J. Paul would love nothing more than to just say you know everything's fine. Everything's going to be fine markets. Go Away trump. Go Away. Leave me alone. We've got a strong economy going here but he he's already seeing signs of trouble. You see in the bond market signs of trouble classic Nick Indicators of a recession at some point in the next eighteen months. We're seeing it in global trade data suggesting that a recession could be around the corner. None of this means that it's absolutely going to happen but this is a risk management approach that a central bank needs to take so deep. Let me stay with you for a second really quickly on this and and the terms relations with Congress it was clear that for all of the president's <hes> sniping at the Fed and the chairman that he appointed <hes> the members of Congress that <hes> question the the chairman this week have his back back full stop yeah. They don't like the Central Bank chairman being bullied by the president. They don't like the idea that everything is going to be a political game with political manipulation especially in this environment where the president doesn't seem to be trying to do that all over the place and so they're they're trying to stand behind him and say do what you think is right. It's a very different situation. Ben Bernanke and Janet Yellen would have loved to have this from <hes> Republicans to say you know what we trust you follow the data. Do what's right but at least J. Paul has that now"