I'm not unduly concerned about either {inflation or growth} yet. It is certainly true that we are seeing now quite clear signs of moderation in demand in the economy. Demand growth really seemed to be excessive a year ago. A slowing is a healthy development. We don't want it to proceed too far, but my view, I'm not not unduly concerned about what has happened, although I am watching incoming data as closely as I can.
I'm not unduly concerns about what I can see {on inflation}, but I would have to tell you, it's moving in the wrong direction, especially in the service sector. I'm certainly not panicked yet, none of us are unduly alarmed, but this is our main job.