The longer we go without signs of a deceleration in core inflation, the more we risk inflation becoming entrenched at this higher level. And if that happens, if people come to expect it to continue at two and three quarters, then it would take substantially more action on our part to bring it down to where we want to see it over time.
So that's the risk that I see, of inflation becoming entrenched at or above where it is now, and we're already seeing signs that that might be happening, because of the acceleration of compensation costs ...