 When we change interest rates, that tightens financial conditions, and that in turn affects economic outcomes, growth, labor markets, and ultimately inflation, but with lags that can be long and variable, as Milton Friedman famously said. And the implication of that is that if you wait until inflation gets all the way down to 2%, you've probably waited too long because the tightening that you're doing or the level of tightness that you have is still having effects which will probably drive inflation below 2%.