The point in that response is that last week my colleague and I were trying to focus on what the core drivers of growth were over the course of the horizon. We expect that there will be an important adjustment in the third quarter on the housing side. It's a level adjustment. I'm not saying it's not important, but that's not something we see persisting all the way through the forecast horizon. That's the first point.
Second, there are elements of weakness on the net export side, particularly in the third quarter, in our estimation, that are also helping to keep the level of growth below 2%--more precisely 1.6% in our latest forecast.
What we see is the pace of growth--and we've given our quarterly projections in the document, as you know--picking up from there not as rapidly to make that up, but into 2.5% and beyond going forward through the forecast horizon. The point we were trying to make--not that it's not important what the level of growth is at any time or any quarter, but what the underlying drivers are--is we're predicting over our forecast horizon some moderation in consumption and some displacement of activity toward investment, very importantly, and on the margin, much less importantly--