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The Importance of Moderation in Inflation
Inflation is coming down. Inflation has come down without a significant rise in unemployment or significant deterioration to labor markets. We've really been able to achieve a lot less inflation without worse outcomes in the real economy. So what's going on here? What's driving this fundamentally? And do you have a sense of, I'm going to ask one more time and then turn to Mursk and get her sense of it, fundamentally what's driving this moderation inflation?"