Because of the uncertainties that have been restraining investment, predicting exactly when firms will act is difficult; but I do believe that they will act. As you can see, I remain generally optimistic about the longer-run prospects for the U.S. economy. However, I want to mention some significant questions about the outlook.
Because of the disappointing experiences with foreign exchange rate interventions in the 1970s, central banks became more inclined to preserve monetary stability through domestic monetary policy actions than through international policy coordination.