Traders work on the floor of the New York Stock Exchange (NYSE) on June 20, 2014 in New York City.
Traders work on the floor of the New York Stock Exchange (NYSE) on June 20, 2014 in New York City. - 
Listen To The Story

The week that was with Leigh Gallagher, from Fortune, and John Carney, from the Wall Street Journal.

New Highs:

Carney: We're sort of slowly grinding higher, but there's almost no volatitlity and a lot of people find it to be an almost eerie calm.

Gallagher: I'm among the people that think we're in for a bit of a shock probably later this year.

Indications of Inflation?:

Gallagher: She has done a good job at being very artful with her words... she was trying to reassure us that growth is happening and that there are improvements in the labor market. I think the biggest problem is the D-word, demand and there's only so much the Fed can do to spur that.

Carney: The most shocking thing about the Fed meeting is the long term projections of where the interest rates will eventually be are coming down. Meaning, instead of everybody thinking will go back to 4 percent long term, it's now down to like 3.75. And that's a change. 

Mary Barra's trip back to Washington:

Gallagher: The irony in all of this is that GM's car sale are actually doing quite well.

Carney: There's a really weird symmetry betweeen what happened with the banks and what's happening with general motors. We rescued them and then it turns out there's all these calamities out there. and they end up having to pay lots of money for things they did a long time ago.

Oil Markets and the Middle East

Carney: "There's a possibility for the biggest war in the Middle East in decades and yet we added like $4 or $5 to the price of crude.

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Follow David Gura at @davidgura