I don't want rates to go too far. Obviously you don't want to make a series of bad judgments. I don't think that is the case.

At the end of the day, is it really going to matter for an economy of our size?

We have to ... put more emphasis on the incoming data and the anecdotes we get from the business community and other audiences and try to put together a coherent assessment of the economy.

We've said we're more data-driven. Personally I think that's fully appropriate.

You don't want to just focus so narrowly on housing prices that you think that is going to be determinative of everything you can conceive of.

My sense of things is the attention being paid to [the housing market] may be exaggerated.