The Russian Thread Is a Real Issue in Europe.

Michael gapin: How do you conduct monetary policy in an environment where the inflation that you're getting is largely beyond your control and uncertainty, as has been rising? And i think the answer to that is, tread carefully, move. I think sitting on the side line isn't an option. But when you don't know exactly what your policy move is going to bring in terms of response from markets, you have to go cautiously. That's why long an yields are where they are. No one is doing that better then maria to dayo.