Let me answer that in two ways. Unpredicted changes can happen. No one predicted the pandemic and its effect on the economy. The other thing you have to keep in mind is what's happened over the last 20 years. Inflation has been low. Part of that has to do with internationally integrated supply chains.
Basically, the aggregate supply curve, if you want to think of it that way, has stayed flat in response to demand. There's been disruption to that process. There's been a lot more protectionism. If that aggregate supply curve, because of all these disruptions in productions internationally, starts to go upward, at some point, with increased demand, prices will go up. Once prices start to go up, you're going to have to see a response in terms of interest rates if there seems to be any possibility of inflation taking off.
I mean, ninety—