Market nominal rates rising across treasury curve; monetary policy effects real economy through multiple channels.

Market judgments have moved up on what nominal rates are across the treasury curve. That doesn't mean we take them as by dictation, but we're observing them. So I think it's a mischaracterization to say that markets haven't reacted because we didn't move today. Markets are reacting in real time. In the period ahead, we've got important decisions to make about the policy rate. Markets in the intervening period, I think, have quite a bit of decisions to make. I'll see if I can put it this way. Monetary policy matters not just by what we say or even what we do.