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Questions that some of my colleagues asked about.

Ranking Member McKinney asked you about the next meeting and your plans for the next Fed meeting,

and I think you eloquently laid it out.

But you also talked about

the situation this developed in Russia and Ukraine. My inference from your answer was that if Russia

had not invaded Ukraine, that the Fed would be more aggressive as it relates to the balance

sheet and to rate hikes? Is that a proper inference?

No, I think that remains to be seen. As I said, we are moving ahead at this meeting. It would be my expectation in two weeks with a rate increase.

And we're going to make progress on agreeing on a plan at this meeting to shrink the balance sheet. I'm confident we will. The question of when

we implement that plan is not answered yet. So I don't think that's clear at this point.

It's certainly something that we can't answer now.

Mr. Garcia referenced the President's State of the Union remarks last night. The President,

when he talked about addressing inflation, said that we need to control cost. Did you hear him say that?

I did not. I was too busy getting ready for this hearing. I did not watch.

I won't tell the President.

I probably just... When the President said he wants to control cost or that businesses should control costs

to address inflation, would you have any idea

what he's talking about?

I really can't comment.

Fair enough.

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