Congratulations on your election as President of the United States! Your family must be very proud! Now, to work.......

There was an interesting thing that happened in the last election cycle, which is that your party captured both houses of Congress, so you have an immense amount of clout when it comes to fiscal policy. In addition, it turns out that the Treasury Secretary you've appointed (Bob) and the Fed Chair (Roberta) are social friends, went to the same colleges, root for the same teams, and pretty much agree on everything including economic policies.

So, in the short period of time that you've been running for this office (only 24 months), the US appears to now be on an 'expansion', meaning that the unemployment rate is at 3%, real GDP is up 5% yearly, and inflation appears to be rising (estimated at a real rate of inflation around 4%).

So as you leisurely stroll into the Oval office on your second day after inauguration, you're somewhat surprised to see Bob and Roberta waiting for you, with an anxious look on their faces. Bob begins... 'boss, we need to talk.... Now, please'. What are the two likely to confront you with?