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

Yes. You have at your place a table on orders and shipments of durable goods, one of the more inscrutable releases to actually make sense of, but the bottom line is very little effect on our basic outlook here. As you can see in that second set of numbers, the shipments area excluding the aircraft line was up 2 percent in September. That was actually a little stronger than we had penciled in, but only enough to add a few basis points to GDP growth in the third quarter. Then you can see that it has basically been averaging flat for the last two months. This is a September figure, so it’s fairly dated at this point. The orders figures, the set of numbers above—again looking at the “excluding aircraft” line—have been coming down. I wouldn’t say that they’re collapsing, but they’re certainly weakening some. So this really has no appreciable effect on our outlook for a small decline in equipment spending in the third quarter and a more appreciable decline in the fourth.

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