"The drag on demand and profits from rising energy
 costs, as well as eroding consumer confidence, reports of
 substantial shortfalls in sales and earnings, and stress
 in some segments of the financial markets suggest that
 economic growth may be slowing further. While some
 inflation risks persist, they are diminished by the more
 moderate pace of economic activity and by the absence of
 any indication that longer-term inflation expectations
 have increased. The Committee will continue to monitor
 closely the evolving economic situation."