Is There a Premature Tightening?

Demand, global is only slightly higher than it was prior to the onset of covet i meat. So it's not so much demand. What clearly happened is a demand shifted massively to goods against services. And so if you think of whi tit to day, why do we have a problem to day? Well, because we disrupted. We disrupted labor market. We disrupted supply chains. We disruptive products. The result is there is massive shortages suddenly emerging. It so its way through the system, because what we're seen to day already is that fiscal pulse is massively negative,. Mone repulse is becoming negative too. Reflation and syclicality are weakening. But monitary policy