Dr. Robert Kelly:

I might ask Dr. Phelan to come in. One thing I will say at a very high level is that the response has to reflect the shock. Ordinarily, you might not respond at all in terms of monetary policy if you believe it is a short supply-side shock. That is not what we have seen over the past two to three years, so the response has to be tailored based on the shock being faced. Usually, monetary policy takes action when it is believed demand is driving some of that inflation. I ask Dr. Phelan to come in.