What's Your View on the Fed Versus Inflation?

I think that fear is probably going to be or has been a little overblown in terms of ramifications for inflation. We have the funnel we had at holiday time, massive discounting. Even though we had massive discounting in the fourth quarter inventory accumulation accelerated. So I think underlying demand here is basically the consumer railing against price increases because real average wages have gone down. And the consumer is going to win this battle.