Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Good afternoon, everyone. I think you all are aware that this is the last meeting Governor Gramlich plans to attend. There will be a luncheon in his honor after the meeting ends tomorrow. It’s also the last meeting for Ed Ettin, who will retire at the end of July, and for Marvin Goodfriend from the Richmond Bank, who will move to Carnegie Mellon at the end of the summer. We’ll miss all of them. Ed, as some of us know, has been attending FOMC meetings since the late 1970s, and Marvin has been attending since 1993. As for Ned, there are certain special things that I’m going to say about him tomorrow, which I won’t repeat here. We’ll let him be a little nervous. [Laughter]

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