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Going to be the case. we think the fed defines a moment to pause and then the question is how high, but turns into how long, and we still have these long, and we still have these long and variable lag effects, it will take another four or five months for all the effects of these interest rates to work their way through the economy, and i think we are probably not looking at a pivot until sometime next year. let's get another view. chris campbell is former assistant us treasury secretary, and now chief policy strategist at the risk management firm kroll. nice to see you again. so you have obvio...

Washington post. thanks for joining us today. the inflation numbers illustrate why the fed has been cranking up interest rates. the fed was late to this game. now some are worrying it might be over correcting. >> that's exactly right. after the fed had been really dragging its heels on clamping down on inflation by rising interest rates and trying to slow down the economy, they're now being hit with the opposite criticism, and that really has to do with the fact we are moving at the most aggressive pace in decades but the full scope of what they're doing isn't going to hit for months. there ar...

There are those that are wondering why he hasn't taken many of the steps that military experts, i don't claim to be one, but have suggested. and he's trying to, you know, play it in between those two places. on the one hand he doesn't want panic. on the other hand, he doesn't want to be unprepared. i think the challenge he faces is if there is military intervention, there's no doubt in my mind that his critics will then say, well, why didn't you do more to protect us? there will be some rallying around the flag effects, but there will also be why wasn't he ready to do this? and i just want to ...

Because at the turn of the pandemic, the first lockdown, gps were not able to see anybody except extreme cases and people were encouraged to call 111, there was not that many face—to—face meetings, so this is drawing out the side effects and they are also pointing out that the waiting lists could carry on going until 2025, so i think even if we see the pandemic, to an end, let's hope so in the next year, say, the next few months, we are going to see the aftermath of this in health terms going on for quite a long time. , ., , terms going on for quite a long time. , ,. ,, ., time. this was d...