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

Thank you, Mr. Chairman. Dave, I’m trying to understand your forecast and its evolution. As I read the Greenbook, at least on the demand side, it seemed to be largely a housing story as you cut through everything. So my question is, If I put myself back in August before I knew that incomes were going to be as high as they were, that energy prices were going to come down, that equity values were going to go up, and so forth, and I plug the current view of housing into that, what would it give me? I assume it would give me growth for the second half of this year at something close to maybe 1 percent and maybe growth next year of less than 2 percent. I know that there are a lot of moving parts, but anyway, that is the question. If we had known about housing and not plugged in this other stuff, where would we be?

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