A month ago, the European Commission tabled a legislative proposal that will improve how we manage crises affecting mid-sized and smaller banks. This is very welcome, and we hope the legislators will rapidly adopt the proposal.
Looking ahead, we will be monitoring the effects of our policy actions, along with other information bearing on the outlook, as we assess the appropriate path of the target range for the federal funds rate. Of course, if developments emerge that cause a material reassessment of our outlook, we would respond accordingly. Policy is not on a preset course.