SCHWEIKERT: Would you be willing to share -- because, for every positive side, there's often some negatives -- what you would say would be the dampening or some of the costs into the economy of the fairly rapid monetary expansion?
BERNANKE: Well, I think -- I think the main one is that there has been some contribution to commodity prices, which we anticipated. Again, I think that supply and demand factors globally were by far the more important. But that increase in commodity prices offset some of the benefits that, you know, that lower interest rates and more accommodative financial conditions have for -- for growth and for addressing the risks of deflation, which we saw in -- last August.
SCHWEIKERT: The inflationary pressures you saw on many commodity classes -- were they within the range you expected?
BERNANKE: No, they were much larger, but because -- because the -- again, the bulk of those movements are -- can be attributed, and quite directly -- and I recently gave a speech that went through some detail on this issue, to global supply and demand conditions.