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

I would say you have it just about right—somewhere on the order of 1 percent in the second half and something certainly under 2 percent in 2007. Obviously, in putting our forecast together we were contending both with weaker housing and with some of these offsets that we factored in that have provided some cushion to the downside surprise that we have had in housing through greater labor income, more purchasing power from lower energy prices, and a little higher stock market. In some sense, those effects get us back to just modestly below trend growth rather than significantly below trend growth.

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