 Chair Powell gave a speech at Jackson Hole, Wyoming, August of 2021. And it was clear that he thought inflation was getting hot and something needed to be done. The White House did not announce that he was going to be put back in his chair until November of 21. So either they hadn't decided between him and Lyle Brainard, or they were keeping their thumb on him to keep interest rates low. So rates didn't start going up until March of 22. And it hurt. Oh, and it hurt. And in my mind,