FOMC/FOMC20061025meeting/FOMC20061025meeting--274.txt MR. KOHN A risk-management approach to policy may well call for aiming away from the price stability objective from time to time . FOMC/FOMC20061025meeting/FOMC20061025meeting--274.txt MR. KOHN Support for the Federal Reserve in the population and among its elected representatives has never been higher , certainly never higher in my thirty-seven years at this institution . FOMC/FOMC20061025meeting/FOMC20061025meeting--274.txt MR. KOHN The public does not know whether the comfort zones enunciated by various Committee members reflect the views of the Committee or only those of the individuals . FOMC/FOMC20060131meeting/FOMC20060131meeting--93.txt MR. LACKER The fourth-quarter core PCE price index came in at 2.2 percent , 0.3 above the Greenbook 's estimate , and the Greenbook has reversed course and marked up the ’06 inflation forecast a bit . FOMC/FOMC20060131meeting/FOMC20060131meeting--93.txt MR. LACKER Personally , Mr. Chairman , I count serving with you , however briefly , as one of the greatest privileges an economist could imagine . '' FOMC/FOMC20060808meeting/FOMC20060808meeting--72.txt MR. KOHN The consumption and investment data for late months in the quarter do n't suggest an acceleration going into the third quarter . 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/FOMC20060920meeting/FOMC20060920meeting--66.txt MR. FISHER Karen , I noticed last week that the International Monetary Fund forecasts global economic growth , non-U.S. growth , of around 5 percent . FOMC/FOMC20060808meeting/FOMC20060808meeting--83.txt MR. MADIGAN A case for holding the federal funds rate unchanged today is summarized in the top left-hand panel of exhibit 2 . FOMC/FOMC20060920meeting/FOMC20060920meeting--59.txt MR. STOCKTON Previous Greenbook simulations have demonstrated that turning on any of these channels would amplify the effects of a weak housing market on the aggregate economy . FOMC/FOMC20060920meeting/FOMC20060920meeting--59.txt MR. STOCKTON But both June and July were revised down , and on net these data were a touch weaker than those incorporated in the September Greenbook . FOMC/FOMC20060920meeting/FOMC20060920meeting--59.txt MR. STOCKTON -LSB- Laughter -RSB- In any event , since the Greenbook was completed last Wednesday , we have made several trips to the plate with consequential economic statistics on the mound . FOMC/FOMC20060328meeting/FOMC20060328meeting--132.txt MR. STONE Employment , business spending , and manufacturing remain strong , and consumer spending continues to increase at a solid pace . FOMC/FOMC20060629meeting/FOMC20060629meeting--77.txt MR. STERN To sum up , my forecast of real activity is for slightly more growth than the Greenbook this year , and there is a wider positive divergence between my forecast and the Greenbook forecast for 2007 . FOMC/FOMC20060920meeting/FOMC20060920meeting--70.txt MR. STOCKTON 68 , MR. STOCKTON. , '' Viewed from the appropriate perspective , 25,000 per month is not too bad -- viewed perhaps from the perspective of the Administration of Millard Fillmore . FOMC/FOMC20060629meeting/FOMC20060629meeting--71.txt MR. LACKER Moreover , the Greenbook forecast now has year-over-year core PCE inflation remaining at 2.2 percent throughout the forecast period . FOMC/FOMC20060629meeting/FOMC20060629meeting--71.txt MR. LACKER The Greenbook also marks down consumption growth 1/2 percent in the second half of ’06 and 1/4 percent in ' 07 . FOMC/FOMC20060629meeting/FOMC20060629meeting--71.txt MR. LACKER While the recent weaker-than-expected employment reports suggest slower job growth going forward , the Greenbook employment forecast seems reasonably well aligned with demographic and labor force participation trends . FOMC/FOMC20060629meeting/FOMC20060629meeting--71.txt MR. LACKER I agree with the Greenbook 's assessment that special factors , such as owners ' equivalent rent , do not excuse recent CPI behavior . FOMC/FOMC20060920meeting/FOMC20060920meeting--32.txt MR. REINHART 30 , MR. REINHART. , '' President Lacker , the thing to point out in the staff forecast for CPI inflation is that they are forecasting declines in the CPI in September and October . FOMC/FOMC20060328meeting/FOMC20060328meeting--163.txt MR. KROSZNER This gets back to a point that President Lacker made yesterday about the incredibly important role of expectations . FOMC/FOMC20060328meeting/FOMC20060328meeting--163.txt MR. KROSZNER The specifics that I have heard from each of the Districts confirm the broad Greenbook view that this is going to be a pretty strong quarter . FOMC/FOMC20060808meeting/FOMC20060808meeting--54.txt MS. MINEHAN Geopolitical events of all sorts and global demand continue to put pressure on input prices . FOMC/FOMC20060920meeting/FOMC20060920meeting--142.txt MR. KOHN Long-term interest rates have fallen appreciably since midyear , and they are low in both real and nominal terms . FOMC/FOMC20060920meeting/FOMC20060920meeting--142.txt MR. KOHN In sum , Mr. Chairman , I 'm a bit more comfortable with something like the path for the economy and inflation in the Greenbook forecast , but uncertainties are quite high . FOMC/FOMC20060131meeting/FOMC20060131meeting--87.txt MR. SANTOMERO The three-state unemployment rate ended up at 4.8 percent , slightly lower than the national rate . FOMC/FOMC20060131meeting/FOMC20060131meeting--87.txt MR. SANTOMERO -LSB- Laughter -RSB- As you know , this is the last FOMC meeting that I will be attending as President of the Philadelphia Federal Reserve Bank . FOMC/FOMC20060510meeting/FOMC20060510meeting--108.txt MR. STONE Monthly gains have accelerated to an average of 173,000 jobs this year , compared with 165,000 last year . FOMC/FOMC20060808meeting/FOMC20060808meeting--169.txt MR. GUYNN 167 , MR. GUYNN. , '' Mr. Chairman , since I 'm not going to be here in October , I probably should sit quietly ; but I ca n't resist . FOMC/FOMC20060920meeting/FOMC20060920meeting--159.txt MR. POOLE I would observe that the Greenbook forecast of a prolonged period of an inverted yield curve has no historical precedent . FOMC/FOMC20061025meeting/FOMC20061025meeting--12.txt MR. STOCKTON Moreover , inventories of unsold homes remain at a very high level , and sales cancellations have continued to increase . FOMC/FOMC20061025meeting/FOMC20061025meeting--76.txt MS. YELLEN Indeed , the recent rather sharp drop in energy prices could boost consumption spending even more than assumed in the Greenbook . FOMC/FOMC20060808meeting/FOMC20060808meeting--17.txt MR. MOSKOW 15 , MR. MOSKOW. , '' President Poole asked a significant part of my question , or he presented a significant part of my question . FOMC/FOMC20061212meeting/FOMC20061212meeting--29.txt MR. STOCKTON As we had anticipated , this autumn 's drop in consumer energy prices has resulted in outright declines in headline consumer prices . FOMC/FOMC20061212meeting/FOMC20061212meeting--29.txt MR. STOCKTON But the recent readings do point to a bit more downside risk than upside risk to our estimates of structural labor productivity and potential output . FOMC/FOMC20061212meeting/FOMC20061212meeting--29.txt MR. STOCKTON The bottom line is that our outlook for economic activity has not really changed much from the one presented in the October Greenbook -- or for that matter , the September Greenbook . FOMC/FOMC20060131meeting/FOMC20060131meeting--83.txt MR. MOSKOW 81 , MR. MOSKOW. , '' With restraint , Mr. Chairman , most of our contacts this round were positive about current business conditions . FOMC/FOMC20060131meeting/FOMC20060131meeting--83.txt MR. MOSKOW As I mentioned in the past , I 'm concerned about the high amount of liquidity circulating in financial markets . FOMC/FOMC20060131meeting/FOMC20060131meeting--15.txt MS. DANKER 13 , MS. DANKER. , '' As Secretary and Economist , Vincent Reinhart ; as Deputy Secretary , Debbie Danker ; as Assistant Secretaries , Dave Skidmore and Michelle Smith ; as General Counsel , Scott Alvarez ; as Deputy General Counsel , Tom Baxter ; as Economists , Karen Johnson and Dave Stockton ; as Associate Economists from the Board , Tom Connors , Steve Kamin , Brian Madigan , Sandy Struckmeyer , and David Wilcox ; as Associate Economists from the Banks , Bob Eisenbeis , John Judd , Mark Sniderman , Joe Tracy , and John Weinberg . ''