“Inflation in the United States has been above the Fed’s target since 2021.”

Inflation in the United States has been above the Fed's target since 2021. It is still elevated. A risk with tariffs, which might not normally apply, but a risk here is that because we've been at inflation elevated pace for so much time, that people are just going to build that into their thinking.Are they going to think, hey, we're going to get 2% inflation going forward. Or maybe they'll get stuck at this around the 3% level. And that's a big risk to the Fed. And that's the only reason that it is keeping ...