I know that you all are very interested in the agencies’ activities related to possible revisions to the current CRA regulations. My colleague, Governor Brainard, who represents the Board in our interagency CRA discussions, will be speaking to you tomorrow, so I will leave it to her to discuss our efforts in detail.
Table 2: Taylor rule with the Fed Rate Fed Country  1 Inflation Gap  2 Output Gap  3 Fed Funds Rate  (1-)  3 * (1-)  R2  Canada 0.23*** 0.37*** 0.45*** 0.16*** 0.072 0.99 Czech Republic 0.57*** -0.16 0.5*** 0.08*** 0.04 0.99 Euro Zone 0.12 0.37*** 0.45*** 0.12*** 0.054 0.99 Israel 1.87** -0.09 0.82*** 0.04*** 0.0328 0.98 Korea 0.04 0.66*** 0.32*** 0.14*** 0.0448 0.99 Mexico 0.96** 0.17 0.57*** 0.25*** 0.1425 0.90 New Zealand 0.06 1.15*** 0.6*** 0.08*** 0.048 0.99 Norway -0.54 0.67 0.85*** 0.03*** 0.0255 0.99 Poland 0.46*** 0.64** 0.27*** 0.1*** 0.027 0.99 South Africa 0.62*** 1.4 0.7*** 0.05*** 0.035 0.98 Thailand 0.83*** -0.1 0.1 0.06*** 0.006 0.97 * significant at 10%; ** significant at 5%; *** significant at 1%.