Finally, the anticipation of weaker global growth can make market participants more attuned to downside risks, which can reduce prices for risky assets, both abroad and in the United States – as we saw in late August – with attendant effects on consumption and investment.
In this regard, Governing Council will be watching closely to see if the recent slowdown in growth is more persistent than forecast. In assessing incoming data, the Bank will be paying particular attention to developments in consumer spending, the housing market and business investment. With that, Senior Deputy Governor Wilkins and I will now be happy to take your questions.