FOMC/FOMC20051213meeting/FOMC20051213meeting--71.txt MS. YELLEN They used forecasting models in which wage inflation is determined by lagged wage inflation , price inflation , productivity growth , and the unemployment rate . FOMC/FOMC20051213meeting/FOMC20051213meeting--71.txt MS. YELLEN With respect to the pass-through of productivity growth into compensation , our staff finds evidence of only very gradual pass-through regardless of the sample period . FOMC/FOMC20050503meeting/FOMC20050503meeting--90.txt MR. SANTOMERO The bottom line is that I agree with the Greenbook 's assessment that the economy continues to have positive momentum . FOMC/FOMC20050630meeting/FOMC20050630meeting--11.txt MR. RUDEBUSCH 9 , MR. RUDEBUSCH. , '' I will review some general issues related to monetary policy and asset prices . FOMC/FOMC20050503meeting/FOMC20050503meeting--97.txt MR. KOHN Financial conditions still seem too accommodative to be consistent with the economy not overshooting the level of its potential once the effects of rising energy prices wear off . FOMC/FOMC20050202meeting/FOMC20050202meeting--139.txt MS. PIANALTO My District report will balance out President Guynn 's report , because economic conditions in the Fourth District have not changed very much since December . FOMC/FOMC20050202meeting/FOMC20050202meeting--139.txt MS. PIANALTO These comments are consistent with GDP expansion in the 3 1/2 to 4 percent range , modest gains in employment , and relatively robust capital spending , as contemplated in the Greenbook baseline projection . FOMC/FOMC20050202meeting/FOMC20050202meeting--154.txt MR. KOHN I can only explain the recent pace of compensation data if appreciable slack is persisting in labor markets to balance these other upside pressures . FOMC/FOMC20050809meeting/FOMC20050809meeting--163.txt MR. KOHN I 'm encouraged by the reaction of markets to the news over the intermeeting period in adding 50 basis points to the string of expected gradual increases in the funds rate . FOMC/FOMC20050322meeting/FOMC20050322meeting--3.txt MR. KOS For example , the top panel of page 2 shows the CRB -LSB- Commodity Research Bureau -RSB- index since January 2004 . FOMC/FOMC20050322meeting/FOMC20050322meeting--3.txt MR. KOS The spreads between the June ’06 and June ’05 contracts widened to reflect this more aggressive expected path of tightening . FOMC/FOMC20050322meeting/FOMC20050322meeting--126.txt MR. FERGUSON At this stage , I 'm generally willing to support the consensus that has emerged around the table , and in the Greenbook forecast , that productivity probably is in good shape . FOMC/FOMC20050630meeting/FOMC20050630meeting--250.txt MR. LEAHY We forecast total foreign growth to move back up this quarter from a soft first-quarter pace and to rise a bit further going forward . FOMC/FOMC20050630meeting/FOMC20050630meeting--380.txt MR. OLSON Mr. Chairman , I did not address the statement today because I see no need to adjust our `` measured pace '' language or to make any other significant adjustment to our statement at this meeting . FOMC/FOMC20050630meeting/FOMC20050630meeting--354.txt MR. SANTOMERO The current and future price indexes in our manufacturing survey moderated in June , but remained at relatively high levels . FOMC/FOMC20050202meeting/FOMC20050202meeting--92.txt MR. SLIFMAN As shown by the inset box in the lower left panel , shipments excluding aircraft rose 2.2 percent and orders advanced 1.8 percent in December . FOMC/FOMC20050202meeting/FOMC20050202meeting--92.txt MR. SLIFMAN As you know from reading the Greenbook , the only material change in our forecast since the December FOMC meeting concerns prospects for the near term . FOMC/FOMC20050630meeting/FOMC20050630meeting--12.txt MR. WILLIAMS In each scenario , I assume that house prices fall by 20 percent relative to the baseline over the next 2 1/2 years . FOMC/FOMC20050322meeting/FOMC20050322meeting--37.txt MR. STOCKTON Relative to the figures we put in the Greenbook , net investment income surprised us in the positive direction . FOMC/FOMC20050322meeting/FOMC20050322meeting--105.txt MS. YELLEN Important indicators from the output side -- employment in manufacturing production , in particular -- gained strength over the past couple of months . FOMC/FOMC20050322meeting/FOMC20050322meeting--105.txt MS. YELLEN While the Greenbook expectation of a relatively flat path for bond rates through the end of next year may be a reasonable modal forecast , I do n't think the risks here are balanced . FOMC/FOMC20051101meeting/FOMC20051101meeting--117.txt MS. YELLEN -LSB- Laughter -RSB- Also in contrast to the Greenbook , I see no significant pressure for higher inflation coming from increased inflation expectations . FOMC/FOMC20051101meeting/FOMC20051101meeting--117.txt MS. YELLEN In the Greenbook , the effect of this encouraging news about the underlying vigor of the economy has been held in check by the assumption of tighter financial conditions , so the path for GDP is little revised . FOMC/FOMC20050202meeting/FOMC20050202meeting--158.txt VICE CHAIRMAN GEITHNER 156 , VICE CHAIRMAN GEITHNER. , '' We have n't changed our view of the national outlook significantly since the last meeting . FOMC/FOMC20050503meeting/FOMC20050503meeting--88.txt MR. HOENIG 86 , MR. HOENIG. , '' Mr. Chairman , I 'll start off by repeating the obvious : There have been a couple of surprises since our last FOMC meeting . FOMC/FOMC20050809meeting/FOMC20050809meeting--58.txt MR. WILCOX The information we received during the intermeeting period presented a mixed picture relative to our expectation in the June Greenbook . FOMC/FOMC20051101meeting/FOMC20051101meeting--176.txt CHAIRMAN GREENSPAN It 's very pronounced in the United States and in a lot of countries as a result of China 's workforce . FOMC/FOMC20050202meeting/FOMC20050202meeting--76.txt MR. GRAMLICH Asset prices -- stock prices , exchange rates , even housing prices -- I see as part of the monetary transmission mechanism . FOMC/FOMC20051213meeting/FOMC20051213meeting--86.txt MR. KOHN Long-term interest rates globally were little changed on balance over the intermeeting period , and risk spreads out the yield curve and across risk categories continue to be low , reflecting the basically optimistic outlook of investors . FOMC/FOMC20051101meeting/FOMC20051101meeting--119.txt MR. LACKER In our District , there are few signs that this year 's hurricanes have directly affected real economic activity . FOMC/FOMC20050630meeting/FOMC20050630meeting--372.txt MR. LACKER TIPS inflation compensation , both near-term and longer-run , has continued to decline even in the face of climbing oil prices . FOMC/FOMC20050630meeting/FOMC20050630meeting--372.txt MR. LACKER Our contacts also expect an upturn in capital spending growth over that period , and price pressures in the District remain contained . FOMC/FOMC20050630meeting/FOMC20050630meeting--372.txt MR. LACKER To me , the most striking revision in the June Greenbook was the 0.2 increase in the projected path for core PCE inflation through 2006 . FOMC/FOMC20050630meeting/FOMC20050630meeting--372.txt MR. LACKER And the Greenbook expects real GDP to average above 3 1/2 percent through the end of 2006 , slightly faster than potential . FOMC/FOMC20051101meeting/FOMC20051101meeting--86.txt MR. STOCKTON The pickup we 're projecting in compensation costs is , in part , a feed-through of higher headline inflation . FOMC/FOMC20051213meeting/FOMC20051213meeting--75.txt MR. LACKER This Greenbook forecasts a 2.2 percent core inflation rate for the first half of ' 06 , less than the last Greenbook , but it still makes me somewhat uncomfortable . FOMC/FOMC20050503meeting/FOMC20050503meeting--29.txt MR. STOCKTON During that time , the cumulative upward revision in our forecast for core PCE prices in 2005 has been about 3/4 percentage point . FOMC/FOMC20050630meeting/FOMC20050630meeting--377.txt MR. KOHN And the recent downward revisions to market expectations for growth abroad -- and expected policy June 29-30 , 2005 147 of 234 demand . FOMC/FOMC20051101meeting/FOMC20051101meeting--140.txt MR. KOHN I 've defined accommodative for my own purposes as too low -LSB- laughter -RSB- -- too low to accomplish my objectives .