Thank you, Mr. Chairman. I gave a fairly detailed summary of the District’s economy last time, and it hasn’t changed a great deal since then. So I’ll be fairly brief. The labor markets in the region remain fairly tight; they have not loosened at all since our last meeting. Our manufacturing sector continues to show strength. Our agricultural sector continues to show strength. Housing is the one area that, as in other parts of the country, has shown weakness as inventories have built; but we haven’t seen dramatic declines in prices at this point, and we will watch that, as others are watching it within their regions.
On the national outlook, we see that the economy will continue to grow at something below trend. We’re a little more optimistic than the Greenbook, but the point is that we should see the economy grow below trend. For all the reasons that others have said, we expect inflation to moderate, but reasonably slowly, over the next eighteen months. Therefore, anticipating the next discussion, I would say that, as a policy group, we need to be resolute in our own policies in terms of holding our positions fairly firm. So I’ll leave it at that until we get to the policy discussion, Mr. Chairman. Thank you.