7  On the other hand, regarding the second factor for inflation -- that is, firms' growth expectations -- many firms unfortunately do not seem to have raised their expectations yet, partly due to the global supply-side constraints that I pointed out earlier.
*  *  *  Mr. Chairman, Senator Sarbanes, and Members of the Committee, thank you for again inviting me to discuss the role of housing-related government-sponsored enterprises (GSEs) in our economy.