michael darda, do you believe in assisting to gdp? the top level in linking the nominal gdp to where we are, do we with judge the sustainability of this economy to boom? michael: i think that is exactly what is happening. there are some supply-side dislocations that are confusing but i think growth will be strong, well above potential next year. that gets us to this question about inflation and whether it is temporary or more permanent. some of these price spikes are going to be temporary. you will not see used car prices going up 7% every month. there are other prices that are stickier that we could see start to move next year if we stay in this robust nominal gdp environment. milton friedman posited the relationship that monetary policy eases first so money gets going. you see the output move. in terms of the lag on inflation, inflation is backward looking in slow-moving, and it could be a few years. we are already seeing inflation from the supply-side shocks, but the demand side element will be more persistent than widely expected.