finlayson ships went down and down to where there was almost no relationship, meaning the phillips curve was very flat. now, if you just ignore because and look at the data, it will tell you that the relationship is back. do we really think that is a sustainable thing? i don't know. people came to seriously expect 2% inflation, something like 2% inflation. if people expect that, if companies and workers expect it and you expect it, that is what will happen, anyway. that is what happened. even in very, very tight labor markets, i was at the fed since 2012 as unemployment went from six to five to four, and the models were all saying that we should be seeing some inflation that we never saw. we never really saw 2% inflation during that era. we learned that the phillips curve was really flat. now, i don't think most of the inflation we are seeing is from the phillips curve. really it was the collision of really strong demand with constrained supply. cars being a great example. many people wanted cars. didn't want to ride public transportation. unlimited demand for cars. we couldn't get semic