. >> mike, thank you for more peter orszag joins us from lazard. peter, always good to have you i'll start right there with powell and the fed tougher talk on inflation which is what we've been hearing from powell lately. what's your expectation about what happens next year on interest rates and inflation >> well, remember, the art of central banking is to make sure you talk tough and adjust to the situation as it evolves. so i think that's what the fed is doing the bigger concern is the ecb. i think they are overreacting, 75 basis point increase today was probably too much. europe in the face of a pretty severe energy and food crisis has a lot of worry ahead of it and the ecb seems to not be taking that fully into account. >> that's interesting. don't they have to, though, do it to match and keep up with what everybody else is doing, with the euro already below 99 to the dollar? >> yeah. but the size of the economic distress that europe is likely to face as we go through the winter really suggests a little bit more caution most of the inflation pro