FOMC/FOMC20071211meeting/FOMC20071211meeting--104.txt MR. HOENIG Comparing my views with those in Greenbook , the basic difference appears to be largely in some of the judgmental adjustments in the Greenbook concerning spillovers from the housing and financial stress to consumer spending . FOMC/FOMC20070807meeting/FOMC20070807meeting--98.txt MR. KOHN I 'm encouraged that the most recent data on prices have tended to confirm that core inflation remains fairly low . FOMC/FOMC20070509meeting/FOMC20070509meeting--80.txt MR. KOHN I confess that for ’07 I committed the sin of thinking things were more uncertain than usual , Mr. Chairman . FOMC/FOMC20070918meeting/FOMC20070918meeting--105.txt MS. PIANALTO Like the Greenbook , I have scaled back my growth outlook to reflect a considerably softer trajectory for business fixed investment . FOMC/FOMC20070807meeting/FOMC20070807meeting--69.txt MR. PLOSSER Business contacts as well as the Philadelphia staff expect this moderate pace of expansion to be continued in the coming months . FOMC/FOMC20070807meeting/FOMC20070807meeting--69.txt MR. PLOSSER June employment growth in the region was below trend , but the region 's unemployment rate remains relatively low . FOMC/FOMC20070321meeting/FOMC20070321meeting--113.txt MR. KOHN I was struck by the upward revision in rest-of-world growth in the Greenbook despite weakness in the United States , the rise in oil prices , and the decline in equity values . FOMC/FOMC20071031meeting/FOMC20071031meeting--83.txt MR. MISHKIN We still have a big inventory overhang , and there is a question about whether that large inventory overhang is going to lead to even fewer housing starts than the Greenbook has forecasted . FOMC/FOMC20070509meeting/FOMC20070509meeting--15.txt MR. STOCKTON Moreover , factory output increased sharply in March , and the available physical product data and the readings from the labor market report point to another sizable increase in April . FOMC/FOMC20070131meeting/FOMC20070131meeting--172.txt MR. KOHN I do continue to believe that growth close to the growth rate of potential will be consistent with gradually ebbing inflation . FOMC/FOMC20070509meeting/FOMC20070509meeting--61.txt MR. LACKER So the projection I submitted has core PCE inflation at 1.8 percent next year and 1.6 percent in 2009 . 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 . FOMC/FOMC20071031meeting/FOMC20071031meeting--62.txt MR. LACKER Reports on retail sales in the District remain soft , with sales of automobiles and building materials notably weak . FOMC/FOMC20071211meeting/FOMC20071211meeting--82.txt MS. YELLEN Banks are showing increasing concern that their capital ratios will become binding and are tightening credit terms and conditions . FOMC/FOMC20070509meeting/FOMC20070509meeting--73.txt MR. LOCKHART Our average forecast for real GDP growth is generally in line with the Greenbook forecast , and neither suggests that a recession is a risk . FOMC/FOMC20070628meeting/FOMC20070628meeting--136.txt MR. KROSZNER When we get the revised numbers on July 27 and we also get advance GDP , we 're going to get a lot of information about that , and I think there is still a lot of uncertainty as to exactly where productivity is going . 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/FOMC20071031meeting/FOMC20071031meeting--45.txt MR. FISHER We differ significantly , Mr. Chairman , from the central assumption of the Greenbook in our views on headline inflation looking forward . 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 . FOMC/FOMC20071211meeting/FOMC20071211meeting--92.txt MR. LACKER So while the increase in the saving rate projected by the Greenbook for next year is plausible , I think consumer spending could come out on the high side of that forecast . FOMC/FOMC20070628meeting/FOMC20070628meeting--109.txt MR. LACKER Moreover , the Greenbook points to a number of special factors suggesting that the second quarter 's better inflation performance is likely to be transitory . FOMC/FOMC20070131meeting/FOMC20070131meeting--142.txt MR. LACKER It 's tempting to extrapolate this favorable news forward as the Greenbook does and forecast a gradual downward drift without further overt action by the Committee . FOMC/FOMC20070628meeting/FOMC20070628meeting--35.txt MR. WILCOX Nonetheless , our projection for core inflation next year is unrevised , on net , relative to the January Greenbook . FOMC/FOMC20070918meeting/FOMC20070918meeting--132.txt MR. MADIGAN As Bill Dudley noted , market expectations for the path of monetary policy have fallen sharply over the intermeeting period . FOMC/FOMC20070918meeting/FOMC20070918meeting--109.txt MR. LACKER I think the key question is the effect on the housing market and broader economic activity of the recent financial market turmoil . FOMC/FOMC20070918meeting/FOMC20070918meeting--109.txt MR. LACKER Slower growth in the months ahead would weigh on income growth and consumption , although the Greenbook 's outlook for income remains pretty healthy . FOMC/FOMC20070918meeting/FOMC20070918meeting--101.txt MS. YELLEN Similar to the Greenbook , we 've incorporated these financial developments into our projection by revising down our forecast for residential construction and home prices . FOMC/FOMC20071031meeting/FOMC20071031meeting--84.txt CHAIRMAN BERNANKE I should be clear -- the Greenbook already incorporates a considerable slowdown in commercial real estate , but that means it will no longer offset the residential slowdown . FOMC/FOMC20070509meeting/FOMC20070509meeting--49.txt MS. YELLEN Overall , I 'm more optimistic regarding inflation than the Greenbook and anticipate that core PCE price inflation will edge down below 2 percent after next year . FOMC/FOMC20070807meeting/FOMC20070807meeting--63.txt MS. PIANALTO My projection for inflation in the outyears of the forecast are actually a little more favorable than what is in the Greenbook baseline , primarily because I still expect a bit more potential GDP growth than the Greenbook envisions . 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/FOMC20071031meeting/FOMC20071031meeting--64.txt MR. LOCKHART There 's a widespread view that persistent volatility in credit markets is bound to negatively affect the general economy . FOMC/FOMC20070131meeting/FOMC20070131meeting--176.txt MR. WARSH In summary , I would say there are significant tails on both sides of this rather strong base case for the economy , but the economy is more likely to track above the expectations of the Greenbook . FOMC/FOMC20071031meeting/FOMC20071031meeting--77.txt MR. KOHN Core CPI inflation on three-month and six-month bases has accelerated even if the acceleration has n't shown through to the PCE measures . 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 . FOMC/FOMC20071031meeting/FOMC20071031meeting--37.txt MR. HOENIG I believe that construction , both residential and nonresidential , and slower consumer spending from higher energy prices constitute the main risks to the outlook . FOMC/FOMC20071031meeting/FOMC20071031meeting--54.txt MS. PIANALTO In the end , I have only minor differences with the Greenbook projection in the near term and , like the Greenbook , made only minor revisions to my forecast . FOMC/FOMC20071031meeting/FOMC20071031meeting--66.txt MR. EVANS Residential investment does look a bit worse than we thought , but consumption came in a good deal stronger than we had expected .