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

I wanted to make one other point with regard to Josh’s work, and that is that using the tenant rent component of the CPI and comparing it with the OFHEO index is, in my opinion, a real apples-to-oranges type of comparison. As I pointed out in my comments, the OFHEO index measures what is happening around the 75th percentile of the distribution of single- family homes where we know incomes are rising more rapidly. Using a rent component that on the one hand is looking at what is going on in the multi-family housing market to a large extent—

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