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

Just to follow up on your point and go to exhibit 12, about foreign GDP growth rates, which Joe talked about. In terms of any pressures on unit labor costs that you see developing, I didn’t quite catch your statement, or I may have misinterpreted it, but basically I thought I heard that these growth rates are not likely to lead the inflationary pressures.

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