chair brown: senator hagerty of tennessee is recognized. senator hagerty: under your tenure, mr. chairman, the fed has taken the stands that the 2% inflation target shouldn't be viewed as a snapshot in time but rather needs to be achieved, quote, sustainably. when inflation was running well above the 2% target back in 2021 and early 202 2-rbgs the fed was patient -- 2022, the fed was patient and allowed rates to offset below inflation that occurred prior. it strikes me odd now while we are still well above target inflation, and have been for the prior year, market seems to expect the fed to immediately cut even before we reach the 2% inflation threshold. my question is, does the inflation rate reaches 2%, would that be considered a return to the target rate on a sustainable basis? or is it still the case that inflation would need to more or less overcorrect well below 2% before the fed makes the rate cut adjustments? chair powell: we -- it would take us a while to really get comfortable that inflation had settled sustainably at 2%. that's not our test for changing interest rates.