>> SAM: Thanks very much. Sam Fleming from the Financial Times. Over the weekend we saw
significant tensions within the G7 in Canada. There is the potential, obviously, for further action
against China right now and retaliatory action from major U.S. trading partners. How big a risk do
you currently see this as being to the United States' economy, and what kind of feedback are
you getting in terms of corporate investment and tensions? Is this something that's beginning
to feature more prominently in your own discussions with major U.S. companies? Thanks.
>> CHAIRMAN: I ought to start by saying that, you know, Congress has assigned us very
important jobs, and, you know, maximum employment, stable prices, we have a role in financial
stability that we share with other agencies. Congress has specifically given authority over
trade to the executive branch, so I wouldn't comment on any specific trade actions. I will say,
of course, we have broad context among business leaders around the country, and the reserve
bank presidents in particular have that, so they report in the beige book and then in person at
the FOMC meeting, and they do come back and they say that concerns about changes in trade
policy are arising, I think it's fair to say, and also you're beginning to hear reports of companies
holding off on making investments and hiring people, so right now we don't see that in the numbers
at all. The economy is very strong, the labor market is strong, growth is strong. We really don't
see it in the numbers. It's just not there, but -- so I would put it, then, as more of a risk.