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

Thank you, Mr. Chairman. It’s a comfort to me to know that Al Broaddus is worrying about deflation because it means that I’m free not to give it much thought. [Laughter] I want to ask Karen a question about Canada and how much we really know about the current situation as a basis for the staff forecast. In your staff’s pre-FOMC briefing to the Board yesterday there was a comment in the text that the housing market in Canada is expected to slow. And there’s a chart in your material that depicts the spike in housing starts and employment this year. But Canada’s population is less than that of California. Canada has had an increase of a half million in employment and 40,000 in housing starts in a year. Do we have current, reasonably reliable information on what has happened during the last year to their legal and illegal immigration, especially as we make it more difficult to get into this country? I know that the ferry running from Kingsville to Sandusky always used to be completely full going in one direction and none of the passengers spoke English, but immigration via that route is being controlled for the first time in my memory. Do we know anything about what is going on up there?

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