Thank you so much, Mr. Chair.
Thank you for this excellent discussion today.
During the pandemic, Governor, you were very cautious about raising rates. There was concern that, if you raised rates too quickly, companies would not be able to come back. On the other side, we're seeing the fastest, most dramatic rate increases in history in this country. There are those who believe that, perhaps, you're moving slightly too quickly—not giving workers and companies a chance to adjust to these increases and try to minimize some of the downsides to both.
My question to you is twofold: First, how would you respond to this? Second, how do you weigh the trade-off of risks between increasing rates of inflation and a possible recession?