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

Mr. Chairman, unfortunately there is a charting error on chart 1in the exhibit on nonfarm business productivity at the bottom left. I just want to point it out so that no one is confused. Rather than plotting the quarter-to-quarter percent changes in those bars we inadvertently plotted the percent change from four quarters earlier. So the correct numbers should be 9.4 percent for the third quarter, 3.3 percent for the fourth quarter, and 3.7 percent for the first quarter of 2004.

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