Alberto Musalem

Number two, I hear that folks are increasingly going to food pantries, including middle income folks.

And I hear that aid institutions are increasingly getting requests

for utility assistance, probably related to higher electricity and energy prices.

I should say electricity prices.

So those three things tell me that it's really important that we bring inflation back towards 2% to allow households to catch up with their real incomes.

Financial conditions are very accommodative of economic activity and of employment conditions.

The Fed, the board, just released this financial stability report where it says that asset valuations are notable.

And it's not our job to opine on particular valuations of markets.

But if you look at that report, it suggests that house prices seem elevated relative to historical standards.

Stock prices seem elevated.

And to me, it's just the flip side of accommodative financial conditions.