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The Fed's Thinking About Supply Chain Stress
Tracy Harrison: How do these sort of outside shocks that are outside of like te cycle, affect the feds thinking at this point? I would think that it gives them more impetus to front load in order to have greater optionaty on the back side. The worst thing for them would be if the shock happens an interest rates are at one %. Then you have to start thinking about reversing, quantitative tightening,. That's going to be a very difficult situation.