It's pretty far away from monetary policy and inflation. But in respect of consumer well-being and confidence, what we've seen through this cycle is an increase in savings rates. It's clear that consumers' households have responded to that uncertain environment in a way you might expect. As to the form this will ultimately take, it will likely involve self-saving in private plans, public-sector plans, and revisions to private plans that companies offer. It does seem as though we are looking to the future and becoming better prepared.
