Judging from various survey results and in light of recent machinery orders, a leading indicator, the trend of recovery in business spending, by large manufacturing companies in particular, is anticipated to become more evident. Despite continuing weakness in private consumption as shown in sales statistics, we have also begun to observe some favorable signs of change on the employment and income front.
As you know, the Federal Reserve has consistently been a strong supporter of the dual banking system, and I have every reason to believe that support will continue. We understand, as you do, the importance of a safe and sound banking system to the proper functioning of the economy. We also understand the role of effective supervision in ensuring that our banks are sound.