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move more slowly and take inflation down. we are seeing signs of inflation going directionally down when you consider the last reading was 7.1% that's a step down from what we saw earlier in the year, but still above where the reserve would like to see it. the question is what's the cost going to be as those cost gos up? could that lead to pain. here's what he said in response to a question i had about that yesterday afternoon. >> what we're doing now is it's raising interest rates for people. so people are paying higher rates on mortgages and that kind of thing. there will be some softening in labor market conditions. and i wish there were a completely painless way to restore price stability. there isn't. this is the best we can do. i do think that markets are pretty confident it seems to me that we will get inflation under control. i believe we will. we're committed to do that.