Thank you.
One question I had is on the business loan survey that came out, I think, last week. The “Business Outlook Survey”, I think it's called, is an indicator I looked at. It seemed pretty robust. The overnight rate is at 1¼% versus where it was even in 2010 at above 4%. When inflation came in at 2.3%, you identified some transitory factors in play. It was the highest rate in four years, I believe, on a year-over-year measurement.
Should we be worried about inflation, especially on the wage side, but also on the cost side at all? Rates have been low for a very long time, since the financial crisis in 2008. We see U.S. yields now backing up to around 3%.
Should we be concerned, Governor and Senior Deputy Governor?