However, my thoughts on policy rules are my own and not necessarily those of my colleagues on the Federal Open Market Committee. Jinill Kim and Andrew Levin, of the Board's staff, contributed to the preparation of these remarks. BIS Review 116/2007  1  and trend gross domestic product (GDP) and the gap between the inflation rate and policymakers' target.
Output per hour rose at an annual rate of 4½ percent in the first half of this year and at an extraordinary 8 plus-percent rate in the third quarter. In part, these gains are cyclical and reflect firms’ unwillingness, until recently, to expand their payrolls.