. -- resulting in larger and significant increases, then the changes will takegradual. these represent prudent planning, and the intention to communicate plans to the public. the committee is confident it has the tools it needs to raise short-term interest rates and to control the level of the interest rates thereafter. the committee's recent discussions have centered on the appropriate mix of tools to employ during the normalization process and the degree of control over short-term interest rates, the funding of the federal funds market, and the extent to which the federal reserve interacts outside of the banking center. we will continue its discussions in upcoming meetings, with details coming later this year. thank you. i'd be happy to take your questions. >> is there every reason to expect that the pce inflation rate, followed by the fed, looks to exceed your forecast later this week. does this mean that the federal reserve is ahead of inflation? if it's above the 2% target, how is that not blowing through the target in the same way you blew through the 6% target? t