Thank you, Mr. Chairman. I strongly favor alternative A, a 50 basis point cut in our fed funds target rate today. I think it is important for us to move aggressively and quickly to offset the strong forces that are acting to depress economic activity. I know that some prefer a more measured response, especially as we move closer to the zero bound, but the lesson I take from history is that more and sooner is better than taking smaller steps over time. Thank you, Mr. Chairman.