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just inflation, but actually of the growth impact and the growth damage of hiking aggressively. we believe that in 2022 the focus is really around the politics of inflation, which is why not only are we seeing the ecb but also the bank of england aggressively hike rates. but at some point, first half of 2023, we believe the focus is going to shift from the politics of inflation to the economics of inflation, ie, the damages of hiking aggressively the growth outlook, and at that point we believe central banks will have to pause their aggressive rate hike cycles and decide to lead with inflation, especially in an environment shaped by supply constraint. the inflation we are seeing right now at this juncture are not easily solvable by central banks hiking rates aggressively because hiking rates does not