"If we act too aggressively to offset the high inflation that’s caused by the supply and demand imbalances, we won't actually do very much to solve the supply chain problems, but we will absolutely bridle the economy in a way that will mean less job creation down the road."

San Francisco Federal Reserve president Mary Daly, commenting at a banking event last week, as reported by Reuters in its story, “The Fed Is Going to Tighten, The Only Question Is How Fast.” As Reuters noted, “Alarmed by the persistence of uncomfortably high inflation, even the most dovish of U.S. central bankers now agree that they will need to tighten policy this year; the debate is no longer about whether, but how quickly.”