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

Mr. Chairman, if I may, again, this is just one source of data. They happen to be in a business that is, I think, particularly interesting. In preparation for the last meeting, they were talking about a number closer to 3 percent than the original estimate before the revision, and they proved to be quite accurate. But I want to make sure I was clear. The CFO was saying that their third quarter is running at a 3 percent growth rate—the same as the second quarter in their business—and their estimate for GDP growth in the fourth quarter is in the high twos or low threes.

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