Q&A continues: - Q: Why aren't we seeing........>

FED: Q&A continues:

- Q: Why aren't we seeing stronger wage gains?

A: Productivity has been low. Globalization. Labour market may not be as tight

as we thought it was. Lower end of wage spectrum moving up, just not at very

high rates. Compositional effects in labor supply.

- Q: Before July meeting, said would need to see some heat before calling labor

market hot. What would need to see to call it that?

A: Really, wages. Would like to say labor market is strong, wouldn't say it was

tight, because you're not seeing wage increases. We look at countless measures,

but ultimately to call it hot, you'd want to see heat - higher wages.

Press conference ends.