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

Dave, you very eloquently summarized in your statement that downside risks are more palpable. Certainly they seem to be more palpable. But the bigger adjustments I see in your numbers, at least for the first quarter of 2008 and for the year 2008—even larger than the adjustments you made on economic growth—are those on inflation. I’m wondering if you could just comment on that, please, and give us a sense of that palpability, as it were.

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