Framing big questions: productivity, demographics, global economy shocks matter more than quarterly decisions.

I haven't made any judgments on that, but those are judgments we'll have to come to. If I could, in the high mountain air in Jackson, Wyoming, I'd like to also frame the big questions. There is a tendency, especially with the proliferation of meetings and press conferences, to get caught up in the myopic. Did you do this by a quarter or do that? Ultimately, whether we deliver on price stability, matter some, the decisions we make in six or seven or eight week periods, they matter more, what are the big questions? What's really happening with productivity? What's really happening with demographics? What's really happening to the global economy amid the shocks?