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I would say that the outlook for the US economy is a positive one, is a favourable one. There are always risks, and right now I would say that the predominant risks to our economy are slowing global growth, as I mentioned, particularly China and Europe. We've seen a significant slowing in growth really over the course of the past year, and it seems to be ongoing. And that can create a headwind for the United States economy. I talked about Brexit. That's an event risk, which could have implications for us. Here domestically, again I think the outlook is generally favourable.
So we look around and what do we see? We see a labour market that is strong and continuing to strengthen. Job creation is strong. Wages are moving up. So that's a very healthy thing. With inflation, we see in muted inflation pressures, even now with really historically low unemployment and a great recovery, an ongoing recovery in the labour markets, we still see muted inflation pressures. And that gives us the ability to be patient with monetary policy. And that's what we're going to do.