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>> greg, it's clear the fed chair does not want to understate the economic environment. last year he mistakenly, he admitted himself, calling inflation transitory. that having been said, we all understand this is a very unusual economy right now. i guess the question is does he have the right tools at his disposal to deal with it? >> well, he made the point that not all this inflation is a result of excess demand, and excess demand is the only thing the fed can deal with by raising interest rates. as we've all heard many times there have been all sorts of supply chain bottlenecks, container sh...

Economy's productive capacity. you cited your economists, let me cite larry summers who i think has been very much a critic of inflationary pressures. the prescription drug provision, energy incentives and increased medicare benefits will all contribute over time to much-needed inflation reduction. you quoted jason, my good buddy, a couple minutes ago. he has made similar comments. i'm happy to do this all day but if you look at the legislation, a boost supply, dampens excess demand and it is aptly named the inflation reduction act. >> sandra: just to be clear, not our economists. some of the ...