The fundamentals for investment are encouraging. In the high-tech area, we are still seeing declining relative prices for many products. Business sales are strong. New orders for capital equipment have been on a pronounced uptrend for 2 ½ years. The cost of capital remains favorable. Capacity utilization in manufacturing has recovered from the recession and any capital overhang is largely behind us. And business profitability is unusually high. Putting these all together, I expect investment spending to be quite robust this year. Falling relative prices should continue to support technology upgrades that enhance efficiency for many firms. In addition, rising capacity utilization rates suggest that many firms will need to add capacity to keep up with demand growth. And if I am correct, this capital spending should be enough to support overall demand in the economy, even as the housing market cools down.