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

Well, it is in the forecast. It’s just not so easy to see on a revision-by- revision basis because we’re also being surprised by the tightness of the overall labor market, by the decline of the dollar, and by somewhat higher import prices. So there have been other offsetting factors that are masking the underlying effect of the lower energy prices. We have built in those energy prices on the upside; we’re taking them out on the downside; and they are, I think, an important factor behind the contour that we’re projecting. It’s just that there are other factors operating.

Keyboard shortcuts

j previous speech k next speech