The Fed is really worried we're going to hit a floor in inflation that's too high, says KPMG's Diane Swonk

Diane Swonk, KPMG chief economist, and CNBC's Steve Liesman join 'The Exchange' to discuss why the Federal Reserve will have to be more 'hawkish' than what's priced in now, if the Fed is willing to risk a severe downturn to mitigate entrenched inflation and more.