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.

The completion of this facility increases the sources of long-term, attractively priced capital for Sonic. We believe this new credit facility provides us with a stable capital structure for the foreseeable future, and we can focus our efforts on successfully deploying that capital consistent with the more measured acquisition strategy we have previously communicated to the marketplace.

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.

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.