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00:00Thank you so much for joining us at the last moment here. Give us your take on the combinations combination now of Jay Powell and Lael Brainard. ISE a good choice. This is a good team at the Fed. David I'm glad that the president made this choice. This is the team that guided us through the response to the financial crisis. Jay was at the helm but Weill played a key role in the design of the facilities that enabled us to maintain much smoother financial markets and have a much more rapid recovery than people expected particularly in the traumatic early financial moments of that crisis. I think it's I think that this is a moment when continuity is a very good thing to have at the central bank and that's what we're going to have with these selections. I do think as I've said many times that the Fed now that we are going to have a leadership team in place that's got a long runway does need to do some very serious thinking about the inflation and overheating risk and the balance of risks. And I believe that we're going to need substantial further evolution in our basic monetary policies. But I think we've got to first rate people in Powell and Brainard. And so I'm hopeful that that's what will be coming.

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Powell-Brainard Provide Continuity at Fed, Says Summers

Former U.S. Treasury Secretary and Bloomberg contributor Lawrence Summers says Jay Powell and Lael Brainard will provide continuity at the Federal Reserve. He speaks to Bloomberg's David Westin on "Balance of Power."

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