Chairman confident in team fighting inflation; July hold not driven by one CPI print.

I wouldn't measure that path in 42 days or any one particular meeting. And I came out of that meeting even more confident that this is the right team to win the battle against high inflation. How much do you think not going in July was down to the cool CPI print for June? So in two words, not much, not much. I'd like to believe that the committee shares my views, which is the historic problem with data dependencies, the data and the dependence. We are not relying on any one individual piece of data as cover or as an excuse or as validation.