Higher interest rates are still a concern. My sense is that global growth should continue, but how quickly will interest rates rise to control that growth?

Sales growth potential is there. There are all these diseases like bird flu around.

With fewer uncertainties equities should do well.

A recovery of growth to around trend in the first half of 2006 will not threaten interest rates in either direction.

Acceleration in U.S. growth and rising energy costs will likely translate into higher long-term [interest] rates.

The communiqué reflects our particular concern about the negative impact that excessive increases in short-term interest rates in the major industrialized countries on growth prospects and the cost of credit for developing countries. We are also concerned about the potential dangers of too much volatility among the major currencies and financial asset markets.