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

I guess that it’s a consequence of the interaction between what we’ve been saying and the flow of data. You have to be careful about double-counting here, but the flow of data has perhaps convinced the market that what we were saying is right because the market, I think, had developed a somewhat different sense of where the economy was going than they had thought that we held.

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