Third, countries that have close economic ties to the hardest-hit Asian nations certainly are feeling the repercussions of a reduction in demand for their exports, and a greater economic slowdown in Asia could trigger financial problems in those countries, too. And finally, as I noted earlier, countries that are heavy exporters of oil and other primary commodities have been hard-hit by low prices.
In short, international problems in Asia and elsewhere are proving to be more profound and sustained than many, myself included, were guessing and hoping would be the case. Obviously, the effect of this drag on our ongoing economic expansion is an area that deserves close scrutiny in the months ahead.