The U.S. agencies have issued an advance notice of proposed rulemaking discussing possible changes to enhance the risk sensitivity of U.S. Basel I rules and to mitigate potential competitive distortions that might be created by introducing Basel II. We are now in the process of reviewing the comments and working on a draft notice of proposed rulemaking.
However, despite this improvement, too many Americans remain unemployed or underemployed, wage growth is still sluggish, and inflation remains well below our longer-run objective. As always, the Federal Reserve remains committed to employing its tools to best promote the attainment of its objectives of maximum employment and price stability. Thank you. I would be pleased to take your questions.