Correlations

CHAIRMAN GREENSPAN.  Vice Chair, [it's your turn to speak]. 
VICE CHAIRMAN GEITHNER.  Mr. Chairman, in the interest of crispness, I’ve removed a substantial tribute from my remarks.  [Laughter] 
CHAIRMAN GREENSPAN.  I am most appreciative.  [Laughter] 
VICE CHAIRMAN GEITHNER.  I’d like the record to show that I think you’re pretty terrific, too.  [Laughter]  And thinking in terms of probabilities, I think the risk that we decide in the future that you’re even better than we think is higher than the alternative.[Laughter] With that, the economy looks pretty good to us, perhaps a bit better than it did at the last meeting.  With the near-term monetary policy path that’s now priced into the markets, we think the economy is likely to grow slightly above trend in ’06 and close to trend in ’07... More