The Medium Price Eruption

I think we are close to the peak, but it won't collapse immediately. The medium price level is increasing at a faster pace than we have seen for a long time. I'm not sure that they don't believe there's any inflation coming. They think they've theer bluffing a little bit. But what happens? Let's suppose that you're right, and it turns out, six or 12 months from now, that the inflation wasn't transitory... What do you expect in terms of policy response at that point? And that is, of course, the big question. So so far, what powell has done until so far is is being very explicit about his and te