And, by virtue of the Fed's institutional credibility, bequeathed to today's Federal Open Market Committee by its predecessors, the policy response tends to be as highly anticipated as it is consequential. But in affirming our formidable assets, it is similarly not my intention to suggest that we have devised error-free policies to painlessly and smoothly achieve agreed-upon objectives.
Concluding remarks In my remarks today, I have explained the transmission mechanism of the QQE and showed that economic activity has been moving in line with the developments envisaged under this mechanism. Before closing, I wish to point out several issues that require attention.