In July 2022, in a press conference after a meeting of the FOMC, a reporter asked Chair Powell the following question: “Within the Fed, there are staff economists who’ve argued that NAIRU, the noninflationary rate of unemployment, might be as high as 5 to 6 percent right now, which obviously is a lot higher than the current rate of 3.6. What’s your assessment of NAIRU?” Briefly explain why Powell’s estimate of the value of the NAIRU would matter for monetary policy.