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

I would say in a kind of notional sense that most especially China, for example, has not slowed to the degree that we and everybody else had been expecting. There was a significant positive surprise in the Q2 numbers for China. At the time we saw what we called the “volatility” of May-June, when it looked as though some commodity prices were coming off and the stories that they had been held up by speculators and so forth seemed true, and it looked as though those prices might actually adjust downward and stay down. Well, that perception was very short lived: The fundamental demand for some of these products seems to have reasserted itself, and many of those prices are back up where they once were. So based on those kinds of indirect signals, I would say that the strength of the global economy is at least what it was three months ago and perhaps a tiny bit stronger.

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