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

Let me go sequentially in reverse. First, a minor issue on chart 10. You mentioned that the decline in the unemployment rate was held down by the rise in household employment. My recollection is that the unemployment rate is a sample statistic, independent of the population number from which we measure household employment. So that number would hold even if there were a downward revision in population. In other words, if household employment is revised down, we will still have the same unemployment rate. But the obvious issue is the participation rate, as I think you pointed out. On the foreign economic outlook, in chart 6 in the top right panel, are these nominal U.S. dollars on world exports?

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