MATT EGAN. Thanks for that answer. If I may follow-up. As I'm sure you've noticed, gold and silver prices have experienced historic gains of late, and I'm wondering how much attention, if any, you pay to those moves, and what message you may take from these significant price increases we've seen for precious metals. CHAIR POWELL. Don't take much message macroeconomically. The argument can be made, that we're losing credibility or something, it's simply not the case. If you look—if you look at where inflation expectations are, our credibility is right where it needs to be. So, we look at those things, we don't get spun up over particular asset price changes, although we do monitor them, of course.

the fact that you have delineated 4 key forces that shape the economy is a clue that this is as foundational is it gets, many systems have 4 fundamental forces e.g. the 3 dimensions of space + 1 dimension of time are the 4 forces you need to understand physicality