Our view is that economic isolationism is the wrong way to go. Vibrant, successful growing economies that advance the interests of their citizens engage the global economy. And, we're committed to engaging the global economy.

Well, I think the global economy is in the position for continuing good growth with inflation well in check.

Our GDP growth rates are creating - our high GDP growth rates, the success of our economy means we're creating lots of disposable income.

Higher energy prices act like a tax. They reduce the disposable income people have available for other things after they've paid their energy bills.

We can get more energy out of the north slope of Alaska; we have available the ability to make ourselves less dependent on those uncertain sources of supply from the Middle East. And it's important we do that.

But clearly an economy that's growing and expanding like this one - and it certainly is doing that with high GDP output, employment numbers strong, capacity utilization strong - that's an environment in which the Fed needs to continually be alert to early signs of inflation.

Higher energy prices act like a tax.