I concur.

By most measures the Second District economy appears to be on the rebound in absolute terms and particularly relative to the nation as whole. Private-sector employment has trended up in New Jersey but has held near its cyclical low in New York. Our Empire State manufacturing survey, which had been ...

Mr. Chairman, I support your recommendation. In my view the recovery still is fragile in terms of employment and the business psychology. I think it’s too early to start an exit strategy from our statement about our accommodative policy being maintained for a considerable period of time. I have ...

Thank you, Mr. Chairman. The Second District seems to be doing at least as well as the nation. Payroll employment has risen modestly in New York and noticeably in New Jersey. Office vacancy rates across the New York metropolitan area have generally leveled off and even declined in some areas ...

Mr. Chairman, my approach to this question was to ask a number of top economists for Wall Street firms over the summer whether in their view, in light of the events of May and June, we have a fundamental problem with our communication policy. The answer has been “no.” Their ...

I support your recommendation, Mr. Chairman. I also promise not to get too pessimistic, but I feel that business decisionmaking is different than it used to be. I think that’s partly because of the global competition that President Pianalto talked about but also because of pressure from investors for ...

The economy in the Second District has shown increasing signs of strength in a variety of sectors. Employment has expanded in the past three months. Retailers have reported strong sales results, and one major firm suggested that the tax cut is showing up at retail cash registers. Reports indicate that ...

We do know that the European Central Bank has been studying our ECI (extended custodial inventory) system because they want to make the euro more available globally. So that’s a strategy that they have announced, but we haven’t seen the numbers yet, as Dino said.

Mr. Chairman, I support your recommendation. I agree that there is no clear sign of a recovery, and it seems to me that we need to back up our antideflation reputation. I would not go to a ½ point cut in the funds rate objective because it seems appropriate—to ...

Thank you, Mr. Chairman. The New York regional economy has shown some signs of improving in the second quarter. Employment has recovered moderately in the past two months, housing markets appear to have retained good momentum, and there are signs of a revival in both New York City’s office ...

Dino has something from New York.