Good afternoon, everybody. We received requests from members for more time at this meeting to discuss the economic situation and our policy response. So as you know, we postponed the special presentations on inflation—my apologies to the presenters. We will come back to that at the appropriate time.
What we are going to do instead is to have three rounds of briefings today and tomorrow. We are going to start in the first round with Bill Dudley and his usual presentation on open market operations, followed by Nathan Sheets on the swaps proposals that you have been informed about, and then Bill Bassett will give a supplementary briefing on financial markets to complete that round. Then we’ll have Q&A at that point. We will then turn to the economic situation and hear from Norm Morin on the nonfinancial economy and Linda Kole on the international economy and from Brian Madigan on our projections. Then we will have another round of questions. Tomorrow at lunch, after the close of the formal meeting, we will have some additional briefings on the TARP (troubled asset relief program), on the FDIC program, and on the supervisory and regulatory implications of that. So we hope to make this a very informative two days, and we hope to have plenty of interaction and conversation about our broad policy response to these very difficult times. So let me start, then, by turning to Bill Dudley. Bill.