Thank you, Mr. Chairman. Well, so far it looks as though our decision to pause at the last meeting was a sound one, and I emphasize “so far” because we obviously have not received a lot of additional information. I think the reaction in the financial markets has been encouraging in that, as best as I can judge, the news was received that it is a sensible decision, inflation expectations have remained well anchored, and so forth. My take on the incoming data has not changed my view of the decision to pause last time, which I favored, and I think we are well positioned at the moment, especially when we continue to allow for the lags presumably stemming from our previous actions. So I favor staying where we are today.
As far as the language is concerned, I favor the language of alternative B, as written. Vince indicated that perhaps financial market participants did not quite receive the message, but I thought the message was fairly clear. It talks about “any additional firming,” which is quite explicit and allows, as far as I can see, flexibility if we need it to go in the other direction with the last phrase in the risk assessment in section 4. So I am comfortable with the language and think that at this stage we should just stay where we are.