it is falling. i think steve is right that the biden administration and the fed are in a tough spot because now we've got war in ukraine, people are willing to make sacrifices for national security for sure, but it's not obvious what you do now if you are the fed. you want to raise rates and go back to normal but you are not supposed to raise rates too much in the face of a supply shock. we learned that in the 70s. i think they're in a tough spot. >> bill: some of the policies are getting in their own way. "wall street journal." joe biden's inflation it writes. he blames vladimir putin but his policies and the federal reserve are at fault. former obama advisor steven ratner has a tweet getting a lot of attention. these are february numbers and only include a small russia effect. this is biden's inflation and he needs to own it. steve moore. >> these are austan's old buddies in the obama