Are You Going to Push Against Stagflation in Europe?

The key difference between the US and Europe is that to some extent, the United States is too large. In Europe, we don't have that level of control because it is not in our hands. We have less capacity in Europe to get us out of a recession in 23, I think should remain reflected in our exchange rate. And then we have this sort of knee-jerk reaction to this low October inflation print in the U.S., I hope it continues, but we've had accidents before. But fundamentally, the problem is that Europe doesn't look as in control.