But I do want to highlight just how much progress we, as a Committee, have made over the years. The actions we take are intended to have specific effects on the structure of interest rates and the economy. Some of the impact comes from the transactions themselves, but most of the impact comes from expectations of what we are going to do.
A shift in monetary policy or, as importantly, a shift in the expectations for monetary policy can have a huge impact on financial markets and the economy. And it is our communications that most directly shape expectations.