Even so, pent-up consumption and full reopening are expected to more than offset fiscal headwinds in the second half such that PCE is expected to grow at a robust rate, and growth is expected to remain strong through the remainder of the year.
What has been accomplished over the past year is remarkable. At the same time, we have only a little over two and a half years until the point at which LIBOR could end, and the transition needs to continue to accelerate. The private sector needs to take on this responsibility, and we expect you to do so.