The best way to think of this as a complete scenario is to think about what would happen if we didn't do it. If we didn't do it, the system would be starved for liquidity and credit lines would be cut so those companies wouldn't have been able to draw on them. We could have seen people with maybe their credit limits reduced. In other words, there would be what we call a “credit crunch” and that would be a disinflationary effect on the economy. By creating the additional liquidity, we satisfy that need and prevent that from becoming a disinflationary problem.
I know that if we were starting with normal times and we did all these things, then you'd be thinking, well, that looks like it could be inflationary. Well, it is exactly the same operation you would do if you were trying to be inflationary, but they're doing it in order to counterbalance this disinflationary effect that would occur if we didn't do it.
Basically what Ms. Wilkins is saying is that if we are to achieve our inflation target, our first order of business is to stabilize the economy, then get it growing again so we get back to full employment, and then we're back to where we were before. Those are the steps along the way.