*  *  *  I am pleased to be invited to discuss some of the important issues concerning international trade and the attendant implications for the U.S. economy and the world economy more generally. In doing so, I want to emphasize that I speak for myself and not necessarily for the Federal Reserve.
-7estimates from models and slowly evolving surveys must be balanced against the cost of treating the noise in the asset price as a signal. There is no unique way to do this, and judgment is required.