The original speech, which contains various links to the documents mentioned, can be found on the US Federal Reserve System’s website. *  *  *  It is a pleasure to be able to address this conference of southern leaders and legislators.
In the third quarter of this year, public investment decreased (-4.1%) on a year-on-year basis while private demand grew (+1.1%). In other words, the gradual upturn in private demand is strengthening while the fiscal stimulus has turned negative. Under these conditions, corporate profits as a whole are expected to record a double-digit increase for the second consecutive year.