The pace of GDP growth in the foreign G7 economies, weighted by U.S. exports, increased from about 2-1/2 percent during 1982-84 to nearly 4 percent in 1985-87 as greater domestic demand growth compensated for weaker performance in net exports. U.S. current account adjustment could, in fact, be associated with quite favorable scenarios for the global economy.
A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate for this  2/4  BIS - Central bankers' speeches  cycle. Indeed, skipping a rate hike at a coming meeting would allow the Committee to see more data before making decisions about the extent of additional policy firming.