About this transcript: This is a full AI-generated transcript of FOMC Press Conference September 18, 2024 from Federal Reserve, published July 2, 2026. The transcript contains 18,778 words with timestamps and was generated using Whisper AI.
"CHAIR POWELL. Mr. Good afternoon. My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people. Our economy is strong overall and has made significant progress toward our goals over the past two years."
[00:00:00] Speaker ?: CHAIR POWELL.
[00:00:01] Speaker 1: Mr. Good afternoon. My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people. Our economy is strong overall and has made significant progress toward our goals over the past two years. The labor market has cooled from its formerly overheated state. Inflation has eased substantially, from a peak of 7 percent to an estimated 2.2 percent as of August. We're committed to maintaining our economy's strength by supporting maximum employment and returning inflation to our 2 percent goal. Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by a half percentage point. This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate growth and inflation moving sustainably down to 2 percent. We also decided to continue to reduce our securities holdings. I will have more to say about monetary policy after briefly reviewing economic developments. Recent indicators suggest that economic activity has continued to expand at a solid pace. GDP rose at an annual rate of 2.2 percent in the first half of the year, and available data point to a roughly similar pace of growth this quarter. Growth of consumer spending has remained resilient, and investment in equipment and intangibles has picked up from its anemic pace last year. In the housing sector, investment fell back in the second quarter after rising strongly in the first. Improving supply conditions have supported resilient demand in the strong performance of the U.S. economy over the past year. In our summary of economic projections, committee participants generally expect GDP growth to remain solid, with a median projection of 2 percent over the next few years. In the labor market, conditions have continued to cool. Payroll job gains averaged 116,000 per month over the past three months, a notable step down from the pay seen earlier in the year. The unemployment rate has moved up, but remains low, at 4.2 percent. Nominal wage growth has eased over the past year, and the jobs-to-workers gap has narrowed. Overall, a broad set of indicators suggest that conditions in the labor market are now less tight than just before the pandemic in 2019. The labor market is not a source of elevated inflationary pressures. The median projection for the unemployment rate in the SEP is 4.4 percent at the end of this year, four-tenths higher than projected in June. Inflation has eased notably over the past two years, but remains above our longer-run goal of 2 percent. Estimates based on the Consumer Price Index and other data indicate that total PCE prices rose 2.2 percent over the 12 months ending in August, and that, excluding the volatile food in energy categories, core PCE prices rose 2.7 percent. Longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets. The median projection in the SEP for total PCE inflation is 2.3 percent this year and 2.1 percent next year, somewhat lower than projected in June. Thereafter, the median projection is 2 percent. Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. For much of the past three years, inflation ran well above our 2 percent goal, and labor market conditions were extremely tight. Our primary focus had been on bringing down inflation, and appropriately so. We are acutely aware that high inflation imposes significant hardship as it erodes purchasing power, especially for those least able to meet the higher costs of essentials, like food, housing, and transportation. Our restrictive monetary policy has helped restore the balance between aggregate supply and demand, easing inflationary pressures and ensuring that inflation expectations remain well anchored. Our patient approach over the past year has paid dividends. Inflation is now much closer to our objective, and we have gained greater confidence that inflation is moving sustainably toward 2 percent. As inflation has declined and the labor market has cooled, the upside risks to inflation have diminished, and the downside risks to employment have increased. We now see the risks to achieving our employment and inflation goals as roughly in balance, and we are attentive to the risks to both sides of our dual mandate. In light of the progress on inflation and the balance of risks, at today's meeting, the Committee decided to lower the target range for the federal funds rate by a half percentage point to 4 and 3/4 percent to 5 percent. This recalibration of our policy stance will help maintain the strength of the economy and the labor market and will continue to enable further progress on inflation as we begin the process of moving toward a more neutral stance. We are not on any preset course. We will continue to make our decisions meeting by meeting. We know that reducing policy restraint too quickly could hinder progress on inflation. At the same time, reducing restraint too slowly could unduly weaken economic activity and employment. In considering additional adjustments to the target range for the federal funds rate, the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks. In our SEP, FOMC participants wrote down their individual assessments of an appropriate path for the federal funds rate based on what each participant judges to be the most likely scenario going forward. If the economy evolves as expected, the median participant projects that the appropriate level of the federal funds rate will be 4.4 percent at the end of this year and 3.4 percent at the end of 2025. These median projections are lower than in June, consistent with the projections for lower inflation and higher unemployment, as well as the changed balance of risks. These projections, however, are not a committee plan or decision. As the economy evolves, monetary policy will adjust in order to best promote our maximum employment and price stability goals. If the economy remains solid and inflation persists, we can dial back policy restraint more slowly. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we are prepared to respond. This policy is well positioned to deal with the risks and uncertainties that we face in pursuing both sides of our dual mandate. The Fed has been assigned two goals for monetary policy: maximum employment and stable prices. We remain committed to supporting maximum employment, bringing inflation back down to our 2 percent goal, and keeping longer-term inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission. We at the Fed will do everything we can to achieve our maximum employment and price stability goals. Thank you. I look forward to your questions.
[00:07:59] Speaker 2: Steve Leisman, CNBC. Thank you, Mr. Chairman, for taking our questions. In July, you said you weren't necessarily thinking about a 50. You didn't want to be specific, but you said you weren't thinking about a 50. The inflation data last week came out a little firmer than expected. Retail was strong, third-quarter GDP running 3 percent. So what changed and made the committee go 50, and how do you respond to the concerns that perhaps it shows the Fed is more concerned about the labor market? And I guess should we expect more 50s in the months ahead, and based on what, should we make that call? Thank you.
[00:08:33] Speaker 1: So, okay, a lot of questions in there. Let me jump in. So since the last meeting, okay, the last meeting, we have had a lot of data come in. We've had the two employment reports, July and August. We've also had two inflation reports, including one that came in during blackout. We had the QCEW report, which suggests that maybe -- not maybe, but suggests that the payroll report numbers that we're getting may be artificially high and will be revised down. You know that. We've also seen anecdotal data like the Beige Book. And so we took all of those, and we went into blackout, and we thought about what to do. And we concluded that this was the right thing for the economy, for the people that we serve. And that's how we made our decision. So that's one question. What was the second and third?
[00:09:26] Speaker 2: How do we make the -- sorry. Thank you, sir. How do we figure out in the months ahead, is there another 25 or 50 coming in based on what shall we make that call? Thank you.
[00:09:36] Speaker 1: A couple things. A good place to start is the SEP, but let me start with what I said, which was that we're going to be making decisions meeting by meeting, based on the incoming data, the evolving outlook, the balance of risks. If you look at the SEP, you'll see that it's a process of recalibrating our policy stance, away from where we had it a year ago, when inflation was high and unemployment low, to a place that's more appropriate given where we are now and where we expect to be. And that process will take place over time. There's nothing in the -- in the SEP that suggests the committee is in a rush to get this done. This process evolves over time. Of course, that's a projection. That's a baseline projection. We know, as I mentioned in my remarks, that the actual things that we do will depend on the way the economy evolves. We can go quicker if that's appropriate. We can go slower if that's appropriate. We can pause if that's appropriate. But that's -- that's what we're contemplating. And again, I would -- I would point you to the SEP as just an assessment of where -- of what the committee is thinking today. But the individual members, rather, of the committee are thinking today, assuming that their particular forecasts take -- you know, are realized.
[00:10:54] Speaker 3: We're going to Chris Rugeber, Associated Press, thank you. The projections show that the Fed officials expect the Fed Fund's rate to still be above their estimate of long-run neutral by the end of next year. So does that suggest you see rates as restrictive for that entire period? Does that threaten the weakening of the job market that you said you'd like to avoid? Or does it suggest that maybe people see the short-run neutral as a little bit higher than they want?
[00:11:24] Speaker 1: Thank you. I think it would -- the way I would really characterize it is this. I think people write down their estimate, individuals do. I think every single person on the committee, if you ask them what's your level of certainty around that, they would say there's a wide range where that could fall. So I think we don't know. There are model-based approaches and empirically-based approaches that estimate what the neutral rate will be at any given time. But realistically, we know it by its works. So that leaves us in a place where we'll be -- where we expect, in the base case, to be continuing to remove restriction, and we'll be looking at the way the economy reacts to that. And that will be guiding us in our thinking about the question that we're asking at every meeting, which is, is our policy stance the appropriate one? We know, if you go back, we know that the policy stance we adopted in July of 2023 came at a time when unemployment was 3.5 percent and inflation was 4.2 percent. Today, unemployment is up to 4.2 percent. Inflation is down to a few tenths above 2. So we know that it is time to recalibrate our policy to something that is more appropriate given the progress on inflation, and on employment, moving to a more sustainable level. So the balance of risks are now even. And this is the beginning of that process. I mentioned the direction of which is toward a sense of neutral. And we'll move as fast or as slow as we think is appropriate in real time. But what you have is our individual accumulation of individual estimates of what that will be in the base case.
[00:13:07] Speaker ?: Howard?
[00:13:07] Speaker 4: Howard Schneider with Reuters. How close was this in terms of the decision? You do have the first dissent by a governor since 2005, I think. How close was the weight clearly in favor of a 50 or was this a very close decision?
[00:13:24] Speaker 1: I think we had a good discussion. You know, if you go back, I talked about this at Jackson Hole, but I didn't address the question of the size of the cut, left it open. And I think we left it open going into blackout. And so there was a lot of discussion back and forth, good diversity of deposition, excellent discussion today. I think there was also broad support for the decision that the committee voted on. So I would add, though, look at the SEP. All 19 of the participants wrote down multiple cuts this year, all 19. That's a big change from June, right? Seven of the -- seven of them wrote down three or more. And -- sorry, 17 of the 19 wrote down three or more cuts, and 10 of the 19 wrote down four or more cuts. So, you know, there is a dissent and there's a range of views, but there's actually a lot of common ground as well.
[00:14:16] Speaker 4: Follow-up to that. Now that this is in the books, can you give us some guidance, as sort of follow up to Steve, on the pacing here? Would you expect this to be running every other meeting once we get into next year, for example?
[00:14:30] Speaker 1: We're going to take it meeting by meeting. As I mentioned, there's no sense that the committee feels it's in a rush to do this. We made a good, strong start to this, and that's really, frankly, a sign of our confidence. Confidence that inflation is coming down toward 2 percent on a sustainable basis. That gives us the ability. We can, you know, make a good, strong start. But -- and I'm very pleased that we did. To me, the logic of this, both from an economic standpoint and also from a risk management standpoint, was clear. But I think we're going to go carefully, meeting by meeting, and make our decisions as we go.
[00:15:06] Speaker ?: Thank you.
[00:15:07] Speaker 5: Gina. Hi, Chair Powell. Gina Smiley with The New York Times. Thanks for taking our questions. You and your colleagues in your economic projections today see the unemployment rate climbing to 4.4 percent and staying there. Obviously, historically, when the unemployment rate climbs that much over a relatively short period of time, it doesn't typically just stop, it continues increasing. And so I wonder if you can walk us through why you see the labor market stabilizing, sort of what's the mechanism there, and what do you see as the risks?
[00:15:38] Speaker 1: So, again, the labor market is actually in solid condition. And our intention with our policy move today is to keep it there. You can say that about the whole economy. The U.S. economy is in good shape. It's growing at a solid pace. Inflation is coming down. The labor market is in a strong pace. We want to keep it there. That's what we're doing.
[00:16:01] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:16:04] Speaker 6: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:16:06] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:16:11] Speaker 7: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:16:32] Speaker 1: The U.S. economy is in a strong pace.
[00:16:33] Speaker ?: The U.S. economy is in a strong pace.
[00:16:34] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:16:49] Speaker 7: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:17:03] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:18:14] Speaker 7: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:18:31] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:19:04] Speaker ?: The U.S. economy is in a strong pace.
[00:19:05] Speaker 6: The U.S. economy is in a strong pace.
[00:19:06] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:19:08] Speaker 6: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:19:37] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:20:53] Speaker 6: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:21:03] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:21:42] Speaker ?: The U.S. economy is in a strong pace.
[00:21:43] Speaker 8: The U.S. economy is in a strong pace.
[00:21:44] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:21:46] Speaker 9: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:22:16] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:22:50] Speaker 9: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:23:03] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:23:40] Speaker ?: The U.S. economy is in a strong pace.
[00:23:41] Speaker 10: The U.S. economy is in a strong pace.
[00:23:42] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:23:45] Speaker 11: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:24:05] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:25:54] Speaker 11: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:26:00] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:26:46] Speaker ?: The U.S. economy is in a strong pace.
[00:26:47] Speaker 12: The U.S. economy is in a strong pace.
[00:26:48] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:26:50] Speaker 13: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:27:18] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:28:46] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:28:50] Speaker 14: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:29:09] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:30:02] Speaker 14: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:30:09] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:31:08] Speaker 8: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:31:10] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:31:12] Speaker 8: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:31:26] Speaker ?: The U.S. economy is in a strong pace.
[00:31:27] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:32:06] Speaker ?: The U.S. economy is in a strong pace.
[00:32:07] Speaker 8: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:32:19] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:32:52] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:32:54] Speaker 15: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:32:56] Speaker ?: The U.S. economy is in a strong pace.
[00:32:57] Speaker 16: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:33:18] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:34:37] Speaker 16: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:34:52] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:35:18] Speaker 13: The U.S. economy is in a strong pace.
[00:35:19] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:36:10] Speaker 12: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:36:12] Speaker ?: The U.S. economy is in a strong pace.
[00:36:13] Speaker 17: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:36:52] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:38:30] Speaker ?: The U.S. economy is in a strong pace.
[00:38:31] Speaker 12: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:38:33] Speaker ?: The U.S. economy is in a strong pace.
[00:38:34] Speaker 12: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:38:46] Speaker ?: The U.S. economy is in a strong pace.
[00:38:47] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:39:36] Speaker 12: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:39:46] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:41:04] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:41:06] Speaker 2: The U.S. economy is in a strong pace.
[00:41:07] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:41:13] Speaker 15: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:41:16] Speaker ?: The U.S. economy is in a strong pace.
[00:41:17] Speaker 15: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:42:10] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:42:18] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:42:20] Speaker 16: The U.S. economy is in a strong pace.
[00:42:21] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:42:23] Speaker 18: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:42:48] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:43:38] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:43:40] Speaker 16: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:43:42] Speaker 10: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:44:13] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:45:21] Speaker ?: The U.S. economy is in a strong pace.
[00:45:22] Speaker 8: The U.S. economy is in a strong pace.
[00:45:23] Speaker ?: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:45:25] Speaker 19: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:45:57] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:46:33] Speaker 19: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:46:35] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:47:09] Speaker 19: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:47:19] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:47:26] Speaker 8: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:47:29] Speaker ?: The U.S. economy is in a strong pace.
[00:47:30] Speaker 20: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:48:01] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:49:05] Speaker 20: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:49:11] Speaker 1: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:49:42] Speaker 16: The U.S. economy is in a strong pace. The U.S. economy is in a strong pace.
[00:49:44] Speaker ?: Thank you.