The Importance of Fiscal Cutbacks in the US

China is in the middle of the middle income trap, so per capita GDP of about 120,000 US. At that point, they should be very careful to encourage more companies to come in and stay invested in China. But those regulatory interventions from the Chinese government is doing the opposite of what Chinese government should be doing. And I actually would love to just shift at the end here to your perspective on the US. How much would you attribute say the above trend inflation in the US to the fiscal support? Do you see some sort of fiscal cutbacks as necessary in order to get inflation back to target or can monetary policy and just sort of stabilization and normalization get the job done?