“We do have some stagflationary impulses working through the system.”

I remain very much agnostic on the relative likelihood and relative danger of inflation and unemployment. We're seeing probably more pressure on politicization of the Fed than any time in generations. I think it's a moment actually to tilt towards concern about maintaining uh confidence in the long-term commitment to price stability.So I would be hoping that the Fed will continue to be very much data dependent and watching very carefully what happens both on the inflation statistics and on the unemployment ...