As I said to previous questions, I think we got a lot of things right. We did get some things wrong. We have been surprised, in particular, by the persistence and the pervasiveness of the supply shocks. The supply shocks were very focused on very specific things such as computer chips. What we have seen since then is that they have broadened. They're really affecting all goods.
Yes, our inflation outlook is higher. It's higher for longer. It does take some time for monetary policy to work through the system and bring inflation back to target. That's why we are moving relatively quickly to normalize monetary policy, keep inflation expectations well anchored, and bring balance between demand and supply in the economy.