FOMC/FOMC20070321meeting/FOMC20070321meeting--77.txt MR. PLOSSER That 's a seismic event , -LSB- laughter -RSB- given the stability of that number over the past eight years . FOMC/FOMC20070321meeting/FOMC20070321meeting--77.txt MR. PLOSSER According to our March survey , manufacturing activity in our region remained flat , and we 've seen little change in this activity in the last six months . FOMC/FOMC20071031meeting/FOMC20071031meeting--159.txt MR. LOCKHART -LSB- Laughter -RSB- Having said that , I prefer that we reduce the federal funds rate target 25 basis points . FOMC/FOMC20070918meeting/FOMC20070918meeting--54.txt MR. MADIGAN The central tendency for the unemployment rate at the end of the year revised up 0.2 percentage point . FOMC/FOMC20070918meeting/FOMC20070918meeting--54.txt MR. MADIGAN 52 , MR. MADIGAN. , `` 2 I will be referring to the table in the package labeled `` Material for FOMC Briefing on September Trial-Run Projections . '' FOMC/FOMC20070131meeting/FOMC20070131meeting--353.txt MS. MINEHAN Whether that means that the Monetary Policy Report is a Committee report , not the Chairman 's report , is an obvious next question , and I do n't have the answer to that . FOMC/FOMC20070628meeting/FOMC20070628meeting--220.txt MR. REINHART At the inaugural of the age of statements in 1994 , the Committee formally directed the Chairman to explain its policy action . FOMC/FOMC20071211meeting/FOMC20071211meeting--84.txt MR. ROSENGREN Second , the 70 percent confidence interval for the Greenbook projection of GDP , using historical forecast errors , has a negative lower bound . FOMC/FOMC20070131meeting/FOMC20070131meeting--404.txt MR. HOENIG I think it might be helpful for the Board 's staff to provide information on some of the conditioning assumptions they use in the Greenbook as a starting point for Committee members ' forecasts . FOMC/FOMC20070918meeting/FOMC20070918meeting--107.txt MR. LOCKHART That said , most contacts acknowledge that tighter credit standards have not significantly affected business capital investment outlays . FOMC/FOMC20070131meeting/FOMC20070131meeting--395.txt MR. MISHKIN When you make clear the uncertainty , you make it easier for people to understand why there 's a diversity of views in this Committee . FOMC/FOMC20071031meeting/FOMC20071031meeting--52.txt MS. YELLEN With regard to inflation , I expect core PCE inflation to remain around 1 3/4 percent over the next several years . FOMC/FOMC20070131meeting/FOMC20070131meeting--431.txt VICE CHAIRMAN GEITHNER I 'm in favor of exploring a narrative that describes the story of the Committee 's central tendency about the outlook . FOMC/FOMC20070131meeting/FOMC20070131meeting--392.txt CHAIRMAN BERNANKE 390 , CHAIRMAN BERNANKE. , There 's research at the St. Louis Bank that says that the FOMC forecasts are actually pretty good . FOMC/FOMC20071031meeting/FOMC20071031meeting--190.txt MR. STERN You pointed out yesterday , Mr. Chairman , that an important ingredient in the Greenbook forecast is a cessation of the drag from housing roughly around the middle of next year . FOMC/FOMC20070131meeting/FOMC20070131meeting--410.txt MS. PIANALTO I have no objection to delegating the release of a minutes-style description of the Committee 's forecast discussion to the Chairman , subject to some consultation with meeting participants in the drafting process . FOMC/FOMC20070509meeting/FOMC20070509meeting--73.txt MR. LOCKHART The only significant difference is the declining path of inflation in the Greenbook versus our inflation forecast that holds steady around 2.3 percent for the forecast period . FOMC/FOMC20071031meeting/FOMC20071031meeting--68.txt MR. STERN As far as the national economy is concerned , I agree with the Greenbook 's assessment of the incoming information that we received since the last Committee meeting . FOMC/FOMC20070509meeting/FOMC20070509meeting--57.txt MS. MINEHAN -LSB- Laughter -RSB- The incoming data since the last Committee meeting contained some pluses and minuses that , by and large , offset one another . FOMC/FOMC20071031meeting/FOMC20071031meeting--12.txt MR. MADIGAN 10 , MR. MADIGAN. , `` 2 I will be referring to the package labeled `` Material for FOMC Briefing on October Projections . '' FOMC/FOMC20070131meeting/FOMC20070131meeting--322.txt MR. REIFSCHNEIDER Finally , you could adopt an intermediate position and produce 4 Material used by Mr. Reifschneider , Mr. Doyle , and Mr. Reinhart is appended to this transcript -LRB- appendix 4 -RRB- . FOMC/FOMC20070321meeting/FOMC20070321meeting--105.txt MR. LOCKHART The Atlanta Fed staff forecasts for real GDP growth are consistent with these optimistic commercial forecasts . FOMC/FOMC20070509meeting/FOMC20070509meeting--16.txt MS. JOHNSON These considerations led us to revise upward the average oil import price in the Greenbook for the current quarter about $ 6.50 per barrel . FOMC/FOMC20071211meeting/FOMC20071211meeting--102.txt MR. PLOSSER Housing construction and sales continue to decline , but the pace of that decline is in line with the expectations at the time of our last meeting . FOMC/FOMC20070131meeting/FOMC20070131meeting--402.txt MR. FISHER So I would beg the Committee to consider what we 're talking about when we 're talking about the public and the markets and whether this is a compelling thing that needs to be done now . FOMC/FOMC20070131meeting/FOMC20070131meeting--402.txt MR. FISHER 400 , MR. FISHER. , '' Mr. Chairman , we talked briefly about the Norges Bank and Norway , which is a country of 4.6 million people , a constitutional monarchy , and my mother 's homeland . FOMC/FOMC20070131meeting/FOMC20070131meeting--402.txt MR. FISHER Mr. Chairman , those are my three concerns , and I 'll spare you my answers to the eight questions , which I hope I 'll have a chance to give at a later date . '' FOMC/FOMC20070321meeting/FOMC20070321meeting--3.txt MR. DUDLEY Nevertheless , the potential gap between market expectations and the Committee 's interest rate expectations may pose a bit of a conundrum for the Committee . FOMC/FOMC20070321meeting/FOMC20070321meeting--3.txt MR. DUDLEY On a housekeeping note , I wish to bring to the Committee 's attention the changes to the `` Morning Call '' with the Trading Desk . FOMC/FOMC20070321meeting/FOMC20070321meeting--107.txt MR. STERN I do n't view the recent news on inflation as especially favorable , but I do n't find it overly alarming either . FOMC/FOMC20071031meeting/FOMC20071031meeting--10.txt MR. STOCKTON Consumer sentiment remains depressed relative to overall economic conditions , perhaps because of worries about financial developments . FOMC/FOMC20070131meeting/FOMC20070131meeting--408.txt MR. BARRON The Committee has for some time now made routine references to the outlook in the statement , without an explicit Committee forecast . FOMC/FOMC20070628meeting/FOMC20070628meeting--126.txt MR. LOCKHART They attribute their negative sales experience to rising defaults among subprime borrowers and higher rates . FOMC/FOMC20071211meeting/FOMC20071211meeting--123.txt MR. EVANS That seems different from alternative C and alternative A , and also the October statement , at least in the balance of risk , mentioned downside risks to growth . FOMC/FOMC20070131meeting/FOMC20070131meeting--366.txt MS. YELLEN Surveys suggest that market participants attach a very high priority to improved information concerning the Committee 's outlook for the economy and monetary policy . FOMC/FOMC20070131meeting/FOMC20070131meeting--366.txt MS. YELLEN I thought Vice Chairman Geithner 's summary really is an excellent template of the form that such a submission could take . FOMC/FOMC20071211meeting/FOMC20071211meeting--58.txt MR. STOCKTON 56 , MR. STOCKTON. , '' In the forecast , in fact , we do square the labor market with our forecast of weak GDP with basically flat labor productivity . FOMC/FOMC20070131meeting/FOMC20070131meeting--122.txt MR. MOSKOW Importantly , tight labor markets and lower energy prices are boosting consumer spending . FOMC/FOMC20070131meeting/FOMC20070131meeting--122.txt MR. MOSKOW 120 , MR. MOSKOW. , '' Some day we 'll have the Super Bowl at the Seventh Federal Reserve District . FOMC/FOMC20070628meeting/FOMC20070628meeting--103.txt MR. REINHART This smaller expected increase may partly reflect the stronger outlook for GDP growth suggested by many of your projections .