Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I think that in many of the major foreign countries there is room for fiscal stimulus. That may be a bit of an upside risk to our forecast because, for example, China has already put some things in place. They have increased exporter rebates, and they are also putting more money into homebuilding and trying to prop up the construction industry. Japan just announced a bigger package. I’m not so sure if it will go through. Korea has announced—and even some of the oil producers are announcing—plans to put money into the system. I don’t think we have fully incorporated that. Maybe we have thought about it in China’s case because we think that they will do everything they need to do to keep that economy growing at a—

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