This is CBS I In The World.

I'm John Bachelors.

Jerome Powell, Chairman of the Federal Reserve, testifying to Congress, the House first

and then the Senate.

The quote from Chairman Powell.

We moved very quickly at the beginning, and we've gradually slowed down speaking of

monetary policy.

And then he adds, we're close, but there's a little further to go with rate hikes.

This is not understandable to an amateur.

So I go to a professional, Aaronic T. Rishi of the Mercatus Center, who's been my guide

on monetary policy on the mysteries of the Federal Reserve since the pandemic lifted and we're

in recovery.

Aaronic, a very good evening to you.

It's not quite Green Spans complete mysterious language, but it does make me pause as the Federal

Reserve pauses to see what I'm being told, especially that business about where close,

but there's a little further to go with rate hikes.

They're not close, are they?

Inflation is 4%.

We want 2%.

So how can they be close?

Good evening to you.

Good evening.

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