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

If you think about the forecast as resource utilization and inflation, then it has an effect on resource utilization that is bigger now going forward in the product market. We also see a bigger effect in the labor market, and if that were the only thing, it would have put more downward pressure—but not a lot—on inflation. But as I mentioned, we are coming into this forecast with somewhat worse inflation performance lately, and we think that has some persistence. So that is helping balance it out.

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