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

Dave, if interest rates had held at the June level more or less, what might have been the effect on housing starts and the economy more generally? I realize in one sense that’s an inadmissible question because you have to ask what makes an endogenous variable different from what it otherwise would have been, but suppose it had to do with the term premium or market expectations or something.

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