Those are what we call headwinds. Those are things that hold the economy back, and it requires a great deal of policy stimulus just to keep them at bay. In that environment, a business decision is real money, and it's real people; it's not a theoretical model. Of course, it performs differently from what our historical model would say. It's precisely because, given our experience, uncertainty is a little higher than it normally is at this stage of the business cycle.
On April 28th, 2015. See this statement in context.