Supply shocks complicate inflation fight; Fed distinguishing shock effects from underlying inflation dynamics.

Does that blunt the effectiveness of rate hikes in your view? First on the premise of your question, it was almost as if you were listening to our discussion in the last day and a half. A lot of our focus was on trying to understand and identify underlying inflation dynamics amid shocks. We take these shocks seriously. There have been a series of them that have been hitting this economy. We're not looking through them and saying, oh, they don't matter. But we're trying to understand is to what extent are these shocks broadening in their effects, broadening in their impact on prices that are quite far removed from it. Our goal is to have growth that is broadening and inflation that is becoming more limited, more circumscribed.