We are raising interest rates. We took the unusual step a week and a half ago of raising it by 50 basis points. We also started quantitative tightening, something that we've never done before, and we've signalled that there are more increases to come, so we are responding to the situation.
I am quite confident that higher interest rates.... If you look at five-year mortgage rates and you look at the the expectation of further increases already being priced in, that is already having an effect on the economy. I do expect that is going to moderate spending.
We don't want to overheat the economy. We also don't want to overcool the economy. While we're certainly responding and moving quickly, you do want to do this in a series of steps and look at the impact and then calibrate your response to bring inflation back to target.