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

David, I have a question about plant and equipment spending. In the last forecast you indicated that geopolitical uncertainties and risks were likely to be taking a toll on businesses’ plans for equipment and software spending. Of course, to some extent those concerns have been resolved, but the forecast for plant and equipment spending in the second half of the year has been revised down significantly. Does that suggest that there are more- fundamental factors that have been at work for quite a few quarters in terms of the weakness in plant and equipment spending?

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