-5-  Looking ahead Going forward, our primary focus will be to judge how monetary policy is working to slow demand, how fast supply challenges are resolved, and most importantly, how both inflation and inflation expectations respond. Let me discuss each in turn.
On the demand side, we’ll be keeping a close eye on how global developments and commodity prices affect our exports and business investment as well as how this translates into pricing decisions. As higher inflation and interest rates constrain household budgets, consumer spending should moderate in both goods and services.