 At their previous meeting six or seven weeks ago, they decided to slow down how fast they're drawing back their balance sheet. And interest rates matter, but that balance sheet is ultimately far more important for inflation. The golden rule of inflation is that if you print a bunch of money, you're going to get inflation. And what the Fed did when COVID hit is that it panicked and it grew that balance sheet by $5 trillion. It created $5 trillion of new money.