I told @DavidWestin today: We are a bit playing with fire. We have a central bank that missed the last inflation badly. We have increased politicization of everything financial. We have tariffs that are pushing up prices. We have epic budget deficits. We've had a period when the dollar has declined substantially. So a moment like that seems to be a moment to err on the side of preserving credibility rather than take chances that could put credibility at risk. And that's why I disagree with the judgments of Governors Waller and Bowman.