With respect to the second concern, as I have said before, I believe it more rational and logical for firms to be able to plan for their capital needs with the benefit of the results of our tests.
Over the course of this year, commercial banks have tightened their lending standards, and quality spreads have increased in the bond market--especially in the high-yield sector. Activity in the IPO market has subsided as equity investors have turned away from riskier ventures.