He wondered what I was doing and what he might do. I replied that when he leaves government service he's worth an enormous amount of money.
This time, we're starting with an inflation rate that's too low and heading lower, ... What that means is the Fed will sit still until such time as it sees inflation start turning up -- which might not happen until late 2004 or early 2005.
The bottom line is that their principal concern is that inflation might go lower, so we'll get the same kind of statement we got last time.