rebounds pretty strongly from this sort of event. After several quarters of rebuilding, our productive capacity should be back to about where it would have been otherwise.

It looks like we're weathering the energy shocks pretty well, but it is too soon to declare us out of the woods,

We're just going to have to see how things unfold.

Thus, whenever the current sequence of tightening moves reaches completion, short-term interest rates should not be expected to remain constant for an extended period of time.

It is clear we're not done removing accommodation.

The most important about thing transparency is the clarity of the public's understanding of our intentions.