nick timoro of "the wall street journal." last week many of your colleagues seemed to indicate it was still too soon to tell how this might influence the outlook. what changed between last week and today? and then, how much confidence do you have that there will be a quick and relatively complete recovery of economic activity after the peak of this virus has passed? >> so what changed, of course we've been carefully monitoring the situation since it first became known, and waiting to see how it would evolve. and i think we've come to the view now that it is time for us to act in support of the economy. and once you reach that decision, we decided to go ahead. so what changed really was, i would say, over the course of the last couple of weeks we've seen a broader spread of the virus. we've seen it begin to spread a bit here in the united states. but for us, what really matters of course is not the epidemiology but the risk to the economy. so we saw a risk to the outlook for the economy and chose to act. in terms of my confide