Is the U.S. Navy ready for the Red Sea threat?

In the Red Sea, drone and missile attacks by the Houthi rebels are hitting the flow of commerce in a critical part of the world. The U.S. Navy has deployed numerous ships to help defend against these attacks, but with the high cost of advanced missiles, and fleet that has shrunk considerably since the end of the Cold War, can the Navy keep pace with the threats in the Red Sea and beyond?