Roger Ferguson, former Vice Chair of the Federal Reserve, former Chief Executive of TIAA,

welcome to At Bairns.

It's great to see you.

Thanks so much for coming here.

Andy, nice to be here with you in this audience.

I'm looking forward to it.

So it's really fortuitous that we have Roger here today as our guest because, of course,

the Federal Reserve just made a momentous decision about interest rates just a few days ago,

widely predicted, of course, but still a pivot moment.

Am I overstating it?

Am I mischaracterizing it?

What do you think about the Fed move last week, Roger?

Well, obviously, it was a pivot, right? It was the first time they've cut rates in many years.

Point two, it was certainly, as you say, telegraph that it was coming.

Chair Powell gave a speech at

Jackson Hole but basically said it's about time to make the move. Having said that, there was some

drama, 50 basis points, 25 basis points, you're sort of close call. At the end, as you saw,

they did 50 basis points and I thought Chair Powell did a very good job of laying out the rationale

in a way that's very calm.

So pivot moment, momentous because it was the first move, but I'd say executed very well.

You've known Jay Powell, you just told me you guys were, was it first year associates

at Davis Polk?

...