"So in principle, it seems as though, by moderating demand, we could see vacancies come down, and as a result—and they could come down fairly significantly and I think put supply and demand at least closer together than they are, and that that would give us a chance to have lower—to get inflation—to get wages down and then get inflation down without having to slow the economy and have a recession and have unemployment rise materially. So there’s a path to that."

https://www.wsj.com/articles/transcript-fed-chief-powells-po...

Had a decade of asset inflation, that was fine. A quarter or two of wage inflation and everyone loses their minds.