FOMC/FOMC20070321meeting/FOMC20070321meeting--87.txt MS. MINEHAN. At present , we in Boston , like the Greenbook authors , do n't expect that subprime mortgage problems will by themselves have much of an effect on overall growth . FOMC/FOMC20070918meeting/FOMC20070918meeting--111.txt MR. EVANS. Retailers thought that continued high energy prices were holding back consumers , but demand was not seen as deteriorating sharply . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_28,_2008_Fed_Reserve/CHRG-110shrg50369--143.txt Core price inflation -- that is , inflation excluding food and energy prices -- also firmed toward the end of the year . FOMC/FOMC20070807meeting/FOMC20070807meeting--69.txt MR. PLOSSER. I also think that there is some risk of temporary weakness in business fixed investment going forward simply because of increased uncertainty . FOMC/FOMC20060808meeting/FOMC20060808meeting--54.txt MS. MINEHAN. I found the relatively low GDP and consumption figures for late ’06 and ’07 in the Greenbook forecast a bit disquieting , even after recognizing the effect of the benchmark revisions on potential GDP . FOMC2008_csv/FOMC20080430meeting--56.txt MR. MADIGAN. Incoming information has also prompted a small upward revision to your projections of core PCE inflation this year -LRB- the fourth set of rows -RRB- . FOMC/FOMC20060808meeting/FOMC20060808meeting--13.txt MR. WILCOX. 11 , MR. WILCOX. , '' Broadly , I do n't disagree that the acceleration in consumer prices is broadly based . FOMC/FOMC20071031meeting/FOMC20071031meeting--62.txt MR. LACKER. So I 'm less sanguine overall about the near-term outlook for growth at this meeting , although that may just represent catching up on my part to the Greenbook 's past level of gloominess . FOMC2008_csv/FOMC20080430meeting--112.txt MR. KOHN. The sense that it is neutral right now , much less accommodative , depends very much on our expectations of substantial increases in risk-taking in financial markets . FOMC2008_csv/FOMC20080130meeting--74.txt MS. LIANG. We also present projections based on the Greenbook recession alternative with the additional assumption that national house prices fall 20 percent . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_14,_2007_Fed_Reserve/CHRG-110shrg38109--28.txt One final issue that I would like to raise is the growing inequality of income earnings and wealth in the U.S. economy . FOMC/FOMC20050322meeting/FOMC20050322meeting--99.txt MR. GUYNN. Like others , I 've been both somewhat surprised but certainly pleased at the steady and strong pace of real GDP and job growth we 've been experiencing . FOMC/FOMC20050202meeting/FOMC20050202meeting--92.txt MR. SLIFMAN. Such an outcome , especially if accompanied by a drop in consumer confidence , would restrain PCE and GDP growth appreciably over the next two years . FOMC/FOMC20050202meeting/FOMC20050202meeting--92.txt MR. SLIFMAN. In any event , we see no reason to alter our first-quarter forecast as a result of the BEA 's fourth-quarter GDP estimate . FOMC/FOMC20060920meeting/FOMC20060920meeting--131.txt MS. PIANALTO. The current Greenbook baseline projection for GDP is even lower than it was at the time of our last meeting because of revisions , as Dave mentioned , to both supply and demand factors . FOMC/FOMC20070628meeting/FOMC20070628meeting--105.txt MS. YELLEN. The latest data do n't point to an imminent recovery in this sector , and I fear that the recent run-up in mortgage rates will only make matters worse . CongressionalHearings/MonetaryPolicy/House_Banking_Committee/HB_-_June_9,_2010_State_of_the_Economy:_View_from_Fed_Reserve/CHRG-111hhrg56847--7.txt The Federal Reserve will remain highly attentive to developments abroad and to their potential effects on the U.S. economy . FOMC/FOMC20050630meeting/FOMC20050630meeting--356.txt MR. GUYNN. I believe that the least risky policy strategy through these unusual times is to set monetary policy so that it does not contribute to unsustainable activities . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_July_20,_2006/CHRG-109hhrg31539--119.txt And I guess , Mr. Chairman , my question to you is has the Federal Reserve looked at the potential impact of another major natural catastrophe on the U.S. economy ? FOMC2008_csv/FOMC20080805meeting--117.txt MS. PIANALTO. But my outlook is conditioned on a federal funds rate path that begins to increase about a quarter earlier than called for in the Greenbook baseline . FOMC2008_csv/FOMC20080805meeting--117.txt MS. PIANALTO. Turning to inflation , I anticipate that price pressures will intensify further before we see some relief , just as the Greenbook baseline scenario depicts . CongressionalHearings/MonetaryPolicy/House_Banking_Committee/HB_-_June_9,_2010_State_of_the_Economy:_View_from_Fed_Reserve/CHRG-111hhrg56847--201.txt The CBO forecast 1.5 percent real GDP growth in 2008 as a whole , followed by 1.1 percent growth in 2009 . FOMC2008_csv/FOMC20080805meeting--102.txt MR. LOCKHART. Based on my calls with financial market contacts , it seems that -- no surprise -- much of the attention in financial markets has shifted from private fixed-income markets to Fannie and Freddie . FOMC2008_csv/FOMC20080318meeting--90.txt MR. KROSZNER. The PPI numbers that came out today raised some concerns that some of the good parts of the CPI will not be flowing through to PCE . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_July_21,_2009_Fed_Reserve/CHRG-111hhrg53244--269.txt Mr. Minnick , '' Mr. Chairman , I wanted to return to the next shoe to drop and the chairman 's concern about commercial real estate . FOMC2008_csv/FOMC20080805meeting--115.txt MS. YELLEN. Credit losses have risen not only on mortgages but also on auto loans , credit cards , and home equity lines of credit . FOMC/FOMC20071211meeting/FOMC20071211meeting--102.txt MR. PLOSSER. I note that , absent payback and despite the worsening news , economic growth would be on the order of 2 percent higher . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_24,_2009_Fed_Reserve/CHRG-111shrg50814--205.txt At the time of our last Monetary Policy Report , the Federal Reserve was confronted with both high inflation and rising unemployment . FOMC2008_csv/FOMC20080130meeting--286.txt MR. POOLE. I 'm very much of the view that the natural state of the U.S. economy is full employment and output growth at potential . FOMC2008_csv/FOMC20080318meeting--37.txt MR. STOCKTON. This morning 's data on housing starts also suggest little end in sight to the ongoing recession in housing . CongressionalHearings/MonetaryPolicy/House_Financial_Services/HFS_-_Feb_15,_2006_Fed_Reserve/CHRG-109hhrg28024--250.txt Mr. Bernanke , '' Congressman , first of all , let me just acknowledge the very important problem of the rising cost of health care . FOMC/FOMC20060808meeting/FOMC20060808meeting--7.txt MR. WILCOX. -LSB- Laughter -RSB- In fact , as we reported to the Board yesterday , Friday 's labor market report came in very much as expected . FOMC/FOMC20070807meeting/FOMC20070807meeting--87.txt MR. LOCKHART. Regarding the balance of risks , it is early to materially adjust the weighting of GDP downside versus inflation upside risks . FOMC/FOMC20061212meeting/FOMC20061212meeting--29.txt MR. STOCKTON. Another factor working in the direction of some acceleration in activity is a diminishing drag on spending and activity from the earlier run-up in oil prices . FOMC2008_csv/FOMC20080805meeting--32.txt MR. KAMIN. 30 , MR. KAMIN. , '' For the next couple of weeks , millions of people around the world will be watching the Olympic games in Beijing . FOMC/FOMC20060328meeting/FOMC20060328meeting--88.txt MS. YELLEN. I would judge that these measures currently fall in a range from a modest amount of slack to a modest amount of excess demand . FOMC/FOMC20070628meeting/FOMC20070628meeting--130.txt VICE CHAIRMAN GEITHNER. The strength of demand growth outside the United States has been helpful , and we agree with the Greenbook that it looks likely to continue for some time . CongressionalHearings/MonetaryPolicy/Senate_Banking,_Housing_and_Urban_Affairs/SBHUA_-_Feb_16,_2005_Fed_Reserve/CHRG-109shrg21981--30.txt In the United States , only five quarters in the past 20 years exhibited declines in GDP , and those declines were small . FOMC/FOMC20050630meeting/FOMC20050630meeting--368.txt MS. YELLEN. On this score , things look fairly good , with core PCE price inflation at 1.7 percent over the past 12 months .