Q: How strong is the economy, in your opinion?

A: This is a very difficult period in which to make a firm judgment. We are seeing some rather clear sign that growth is slowing in a number of areas .... But if you look back at the history of expansion over the postwar period, you often find periods of temporary slowdown that are followed by a resumption of much stronger economic growth. I think at a time like this you need to go back and look at the fundamentals, which to me still look quite strong.

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