Until we have a long enough history to be more certain of the relative contributions of each, we must watch, wait, and learn. Communication must flow two ways. Over the past few years, I am pleased to say, the FOMC has significantly enhanced the information it provides to the public.
In particular, I want to make reference to the update on our banking supervision strategy, published at the end of June, which set out some new thinking in a few areas in particular, such as provisioning policy and credit standards.