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

I have a question for Dave on the first paragraph of the Greenbook, where you said that labor markets have been stronger than we were expecting. Of course, just now you also talked about that and about the employment report on Friday. Then you said, “In constructing our forecast of aggregate activity, we’ve given greater weight to the data on spending and industrial production.” I was just wondering why you decided to do that. You pointed to the labor market as an upside risk, but I was wondering why you decided to give greater weight to the spending and industrial production data.

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