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

I think they say that the Committee is expecting relatively slow growth in the period immediately ahead but that the economy avoids a recession. There is some recovery over the subsequent years. It is not extraordinarily brisk. It is a fairly gradual recovery in terms of growth. The unemployment rate moves up a little, as you would expect with a period of growth below trend, but does not get extraordinarily high; and inflation, after coming under some upward pressure of late, gradually edges back down to levels below 2 percent. I am not sure that I am saying anything terribly enlightening here. Of course, one point that I should emphasize is that the full summary of economic projections, we hope, gives more texture than I was just able to give to the Committee’s views about the modal outcome and to the Committee’s concerns about the risks to both growth and inflation.

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