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

Yes, and Chrysler announced just yesterday that they, too, are reducing production in the second half. What intrigued me about GM, which has lowered production plans, is the changeover for light trucks. They are producing these trucks in five plants, and that is the largest number of plants that produce one type of vehicle. As a result, when they change these plants, they do it sequentially; the changeover slows production in that plant. Then they ramp up, and it takes some time to ramp up. Then they go to the next plant and do the same thing. So they are going through a series of five plants, and that in itself lowers their production in the fourth quarter. The other things I mentioned would lower it as well.

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