In September of this year, Dr. Claudia Sahm posted this presentation on the current inflation situation. Answer the following question based on your viewing of minutes 0:00-8:10 and 18:11-21:30. (a) What is the risk that the Fed is missing based on Fed Chair Powell's statement? (b) What is the contradiction in the statement by ECB executive board member Schnabel's statement? (c) What problem does Dr. Sahm see with a using the Phillips curve as a policy recommendation for inflation due to supply shocks (i.e., cost-push)? (d) Briefly summarize the difference in (i) the impact of inflation, (ii) the impact of fighting inflation by raising interest rates and (ii) the source of excess demand between low-income and high-income households as discussed in the section of the talk on trickle-down inflation