Until the cold air coming off of the air conditioner coils (were it was relieved of its water content in excess of 100% RH (relative humidity has to do with how much water air can hold at a given temperature)) warms up to room temperature (mixes etc) it has a high relative humidity count. After it has mixed/warmed-up, the reduction in water content shows up in an overall reduction in the room's RH. Cold air straight out of a duct (short ones make this obvious) has a high relative humidity and can easily give up its water. Andrew Anderson
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