Is the Fed Driving a Sports Car?

The Fed has to see an easing in the pressures, not just the fact that the CPI might come down to 7% or maybe 6%. Remember, their target for core PCE is 2%. I mean, we're three times that. And until we see a loosening in the labor market and inherently that is accompanied by a recession, then I think the Federal Reserve is going to have to do what they hate to do but know they have to do.