how should the fed think about howk/ r it is from the terminal?s for rat in a way.jf so the key is we have to have -g policies got to be tight enouó■ to bring inflationv it doesn't have to all comemy■ m rate hikes. it can come from tighterxd cred conditions so looking at -- and jsjjt this situation will be sustained or howjf significant any of tho effects willxd be so we'll haveo watch. in thejfi] obviously at the end of the day ill do enough to br inflation down to i]2%. no one should doubt that. >> rachel seigel.g hi, chairÑ;içpowell. rachel seigel from "the washington post." thank you for taking our questions. i know we'vet( talkedxd about h silicon valley bank wase1 uniqu to a certain sector of the economy. but there's also growingq concen that theirlp financial stabilit risks are from the market and loans that will roll over next year and smaller regional banks disproportionately hold those loans. can there a risk th!( could mimic /q svb to banks disproportionately focused in commercial÷ realxn estate? >> we're well awarefá of the concentrati

since the 1970s, when at&t and ibm were looming large over the market&3 so it is fascinating to see howkk it is hard to avoid the idea that the'. and they have higher valuations. once again, we have açó two-yea process of tech having a gut still going to pay a premium for it. >> that's right. and who what is crazy is last year, we saw tremendous outflows fromb.■ technology. i think people realized a risk of being concentrated in a handful of names and yet here we are. and i think it highlightsko■ ho people were caught this year. they were positioned for higher yields, for value, for cyclicals g been what happened. instead, we see people turn to the 2020-2021ok favorites, you know -- >> and people own more cash. that is sitting to the side. money market funds have huge in flows as well. and keep an eye on the options market to. what dry doesnb■ -- what degree does that type of freen zied activity, day to day reflect the appetite and is it hedging or all sorts of other stuff. >> i think what we have seen during the banking turmoil is a rush to protection in the market which is nothing like

what>> howke that? do you like ? can't you just first just give her the the oscar, the first person? how about the first woman?n? and she doesn't identify asian. as asian. she is asian. she was born in malaysia, for goodness sake. thisn malays is unbelievable. and i have to share this. this is a rather odd bite. we came across it today.t call you might call it's from the daily show. it's probably the worst foreign. language performance by a mostly sentient politician. this is a reaction to ron desantis medical boards santosr bidding gender transforg surgeries to childrergeries n c. >> trans >> see if you can follow this.gd transgender kids is a reallyrida hard thing. what's going on in florida is ,o as my mother would sayul, closee to sinful. i mean, it's just terrible whatk they're doing. it's not like, you know,kid wakd wakes up one morning and says, you know, i decided i want to become a man or i want to become a woman or i want to change. i mean, what what what what are they thinking about here? it just to me is