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

I think it’s fair to say that there is a lot of uncertainty about the likely spendout pattern. We think we’ve begun to see some entrails of that spending in the daily Treasury statements for April. But getting from the daily Treasury statements to the monthly Treasury statements, which form the basis for BEA’s estimates, and getting from April to the quarter as whole involve a lot of estimating. There is a lot of uncertainty in all of those steps.

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