Right now, although the odds are that there will be a fiscal package next year, it is not a feature of the baseline forecast. We discussed two alternative simulations for different packages, but additional fiscal stimulus is not a feature of the baseline.

One quick follow-on comment. In exhibit 3, in the middle left panel, if you look at our financial turmoil effects, with the gray shading, the bulk of the markdown in 2008 actually is what we’re labeling the financial turmoil. But those are data we pretty much already have in ...

Thank you, Mr. Chairman. I’ll be using the packet with the green lettering on the cover entitled “Staff Presentation on Nonfinancial Developments.” Over the intermeeting period, the data we received on real activity were considerably weaker than we had been expecting. That, combined with the intensification of financial turmoil ...