The meeting is adjourned.

The Federal Reserve Board voted unanimously to accept the discount rate requests of eleven Banks. As to the date of the next meeting, Vincent will send notice.

I request the Federal Reserve Board to engage in addressing the requests for changes in the discount rate.

I gather correctly there’s been no real interest in reversing the paragraphs. So I think that we can go forward and, as I said before, you may read—[Laughter]

President Lacker.

Thank you. Governor Olson.

President Moskow.

Governor Bies.

President Yellen.

President Guynn.

President Pianalto.

President Minehan.

President Stern.

President Hoenig.

Governor Ferguson.

President Fisher.

President Poole.

President Santomero.

Governor Kohn.

Actually I thought it was elegantly done. [Laughter]

No, but I’m looking at the clock.

I’m sorry. I’m trying to cut the discussion short. [Laughter]

Anybody else? Do we have copies of the statement? Could you circulate them, please? I will be rather brief for a number of reasons, not the least of which is I mostly agree with what has been said around this table and I just don’t want to duplicate it ...

Questions for Vincent?

Thank you so much. Vincent.

Governor Bies.

Thank you. Governor Kohn.

Thank you very much, Governor. Governor Ferguson.

Governor Olson.

I am most appreciative. [Laughter]

Vice Chair.

“How to Be a Joyous Central Banker, Even Though We Don’t Have Hearts.” [Laughter] Can we end the speculation on the title? [Laughter] Thanks very much, Bill. President Stern.

Thank you. President Poole.

David Stockton.

Let’s break for coffee. Since our time is really quite restricted, I would request that we come back in seven minutes. [Laughter]

President Hoenig.

President Guynn.

Thank you very much. President Pianalto.

Thank you very much. And the last time I spoke to Henry V [laughter] I got a view of his notions of strategy. President Lacker.

President Fisher.

I should point out that a luncheon in the President’s honor is planned at the March meeting. And I guess you and I will be looking from the sidelines, but neither one of us will know what happened at that March meeting until we get to it. [Laughter] Thank ...

Thank you. President Santomero.

Thank you. President Yellen.

Any further questions for our colleagues? If not, before we go to the general discussion, because of the unusual nature of this particular one-day session with various timing problems, I just calculated that, in the eighteen years I’ve been here, we’ve gone from an average presentation of three ...

Vice Chair.

I’m just curious. President Santomero.

I object to that! [Laughter] I mean, there are data by age. Certainly in the household survey we pick up something.

Individuals also may be more affluent so that they have an ability to actually—

We know labor force participation changes as people move into different age brackets. So if we have data of average hours by age, do we have any judgment as to whether their average workweek hours change as well?

So, really, we never had such a drop. The series is just discontinuous.