Is the Fed Taking Full Responsibility for Our Inflation Problem?

The next two or three cycles of inflation data, and they well have two between now and the september meeting, i think will be very tellingow the stubbornness of inflation could turn out to be a problem. The causes of thisinflation are not, strictly speaking, completely, at least a monetary in nature. And so the tendency would be try harder, or to use your tools more aggressively in order to get the outcome you want. That could create a deeper or longer slow down than desired. I mean, it seems like the fet isn't a really tough spot at this point.