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

Thank you, Mr. Chairman. I have what I hope is a quick question on chart 3 about the saving rate, which is clearly very important to the forecast. In the middle panel, you say, “The current saving rate is still well below the level that many observers often think of as a more normal rate.” But below that in one of the bullets you say that the current settings now “point to a target saving rate for the next year or two in the neighborhood of 3 percent.” Is the target the same as what most observers often think of as normal?

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