||The Ice case was never based on economic growth slowing. We think inflation will stay low because at the margin, there is an oversupply of low-cost labor, manufacturing, and services capacity in the world. In the new global economy, there is competition almost everywhere, putting pressure on prices and wages. In the United States, financial services, health care, hospitals, retail, and fast food all have excess capacity. As result, in a relatively strong economic environment, many companies in very different businesses are reporting loss of pricing power. Obviously, this is a broad generality, and there are important exceptions. The price of gold continues to drift lower, and commodity prices are flat to down. We think that when the next recession comes, there will be even more downward pressure on prices, and for a time the CPI may actually be negative.