Finally, I am going to make one change to this letter going forward. As I pointed out last week, if the Fed moved to raise rates this week, they would have to do less tightening in the future. I had a friend ask me why didn’t he just go ahead and vote to raise rates to establish where he was. I think it is even tougher to raise rates then, even if they need to. My point here is not that they should simply raise rates with no context.