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here to discuss is alian's chief economic advisor Mohamed el-arigan Muhammad what a treat to have you back good morning good morning Carl all right so you laid out some possibilities talk to me about what's likely so what's likely is that he's probably going to talk about short-term monetary policy issues I don't think that's the best thing to do because it is a very delicate situation right now the good news for Jeff Powell is that this is a target Rich environment whether he chooses to focus on the immediate whether he chooses to focus on the longer term or whether he decides to punt as others have done in the past and look at a very narrow economic issue with no policy implication he has a lot to talk about Carl and that just shows you how fluid the current situation is Right speaking of Target Rich um you you probably don't Envision any attempt to make adjustments to the inflation Target or do you I'm just thinking in light of uh next piece in the journal over the weekend about our star what there's more and more people saying look if we were to decide on inflation Target today it would not be two percent it would be slightly above that and I think that's a very strong argument for that having said that it is very hard for Central Bank to change its inflation Target when it has been missing it so consistently so yes there's a theoretical argument for a higher inflation Target but don't look for chair pal to touch that issue in any significant way interesting Muhammad I wanted to uh turn your attention to China I know you you were tweeting overnight that uh the news and just the overall sentiment in the region is a reminder that old-fashioned I'm quoting you here old-fashioned stimulus measures are not as obvious or as easy of a go-to for the government as they used to be at this point in time do you see any additional stimulus from the region as they try to to at least improve GDP in the region to kind of what the market expectations are look like they have two issues they have a growth problem and they have a debt problem and because they have that second issue don't look to them to do major stimulus you know the market was hoping for more but they didn't deliver more it's not because they're not worried about economic growth they're very worried about economic growth they're very worried about youth unemployment over 20 percent the reality is that they cannot use the old-fashioned stimulus measures what they need is a fundamental revamp of their growth model and that's not coming anytime soon are there any takeaways you think for other nations who have employed kind of infrastructure spending in the way that they have obviously here in the U.S we have been embarking on on a lot of spending a lot of fiscal spending um you know in certain pockets of the economy do you think it's there are lessons to be learned here or just a different situation altogether now there are lessons this is a important time to redirect economic growth look what's happening around us we have a green transition that we have to take seriously we have fragmenting globalization Supply chains are changing and certain countries like ours have tight labor markets and when you look at that you need a major emphasis on the supply side and Carl was asking earlier about U.S exceptionalism U.S exceptionalism is not just in economic performance which is significantly better than most other countries but also in the approach taken to Future economic growth potential there's been a major emphasis on revamping the energy equation to make it Greener to make investment in growth areas and I think other countries are looking at that and they're jealous of us because they don't have the ability to do what we've been able to do
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