Are people behaving as if they believe this is a weak economy? I see no indication of that. In fact, I see the contrary.

It is a little surprising given the strength of the economy that there is a perception - at least among some of the public - that the economy is not very good.

It would be a significant problem and it would move in exactly the wrong direction.

If we were to see an abrupt change in exchange rates, we might expect there might be some change in that. But again, I don't think anybody's predicting any kind of abrupt change.

We are moving into that phase where we expect that wage growth will catch up and take productivity over.

The only way to eliminate the deficit in the long run is through growth.