Can the Fed Really Fix the Things That Are Broken?

I look at rates alone as a very blunt tool especially when we're looking at the labor market where we have a shortage of workers now across all sorts of skill levels. Housing is a giant inventory shortfall by some estimates where two to three million single-family homes short. Even things like inflation in cars and used cars, semiconductors are still way beyond the sort of yields that we're used to. So I think the factors that you pointed out suggest that it may be very difficult for them to go back to 2% under all these conditions. They will have to be very careful with how they message that in order not to damage the credibility of the Fed in the long run.