At the same time, I believe the risks associated with this action are manageable, that we have the safeguards in place to monitor evolving conditions, and, most importantly, that we have the conviction to act when necessary. Based on our own research and that of others, evidence is accumulating that purchases of longer-term assets have been successful in exerting downward pressure on longer-term rates.
Weak economic conditions at the national level have translated into hardships in many communities at the same time that communities have fewer resources available for stabilization and revitalization. Considerable good work is going on nonetheless, and I will offer a few examples of that today. At the national level, the economy is recovering at a moderate pace.