The Fed's Resilience in the Face of Financial Conditions

I think the larger issue for the Fed at this point in time is that financial conditions are fighting them a bit. That's why they're still going forward. And I would argue one step further in that the good news we've gotten on inflation recently, further emboldened the Fed to actually get to that 2% target. It certainly can if they go far enough and so far it's been remarkably resilient.