Reporter challenges Fed's inflation tolerance claim given five years of above-target inflation.

said repeatedly you have no tolerance for inflation. And yet we are seeing above target inflation repeatedly for five years and through your term so far and sure you have no magic wand but you have not taken action. You just gave us a little peak at your reaction function as well. You said that if underlying inflation is rising that you would tend to think that you might need to tighten. And with the exception of the most recent inflation print, that is what we've been seeing. So could you explain what you mean by no tolerance for inflation and what you plan to do about it? Sure. So Anne, I hear from you what I hear more broadly from households and businesses in patients deliver it already. This is not an excuse. This is a fact. This FOMC, this board has been in business for eight and a half weeks. The patients, the inpatients that households and businesses feel have been going on for 63 months. We are on the job. We will deliver.