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

Certainly in the second and third quarters of next year we think we will see a relatively large pulling forward of that spending. If one could look a little beyond the 2004 horizon in this forecast, we’d expect a bit of a pothole in activity in 2005 in part because of that payback on the investment spending. But also we wouldn’t anticipate as big a stimulus from even further cuts in personal income taxes.

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