The Fed used to have ammunition.

The Fed is sticking to its guns,

Frankly, he's got all the ammunition.

We were not using our machine guns except when we were under attack because we were short on ammunition, ... We had not been resupplied; we had been moving, retreating, falling back for about a week. So that guy is dreaming.

The conundrum is the Fed, and why the it keeps raising rates.

You've got this awkward confluence of a Fed that's getting nearer and nearer to some critical level of rates and an inflation forecast that has been more in doubt or more in play than it has been for some time,