We can be pretty flexible. We’re okay.

It was not changed from what you received. I have extra copies if you need one.

He’s coming.

I will be reading the directive from page 29 of the Bluebook. “The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent ...

Yes. The directive would be, “The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at ...

We can insert it.

Chairman Greenspan Yes

Vice Chairman Geithner Yes

Governor Bernanke Yes

Governor Bies Yes

Governor Ferguson Yes

Governor Gramlich Yes

President Guynn Yes

Governor Kohn Yes

President Moskow Yes Governor Olson Yes
President Santomero Yes
President Stern Yes

I’m reading from page 25 of the Bluebook. The wording would be: “The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets ...

I don’t believe so. I think you all will experience some pressure from the media and the public. And I think this issue will come up in the Chairman’s Monetary Policy Report testimony. Reporters in the last week were saying that they expect some announcement at this meeting ...

I would recommend that the Committee not say anything about parallel testing and give yourselves an opportunity to see how that process works. You could then choose whether or not to make a comment.

I think if we did announce that you were conducting a parallel test, you would be forced to release the minutes early.

Governor Bernanke in his ABA speech raised the possibility of increasing the frequency and the time period. I don’t believe that people expected you to make a decision about that at this meeting, but we may get some questions about that. It would be a good idea for you ...

I can get other copies. That one is for you.

“Nonetheless, members recognize that going forward they may from time to time consider changes that might improve the Committee’s communication of its assessment of the economic situation.”

“May”?

Okay. “Nonetheless, members recognize that going forward they could consider changes that might improve the Committee’s communication of its assessment of the economic situation.”

I gave you a bit of a legalistic interpretation. These people will get a little crazy if they don’t hear something from us around the usual time.

Right.

We don’t commit to having the statement out at 2:15 p.m. It has just been our practice to release it then.

We haven’t had to face that. [Laughter]

SPEAKER(?). Good answer.

As sort of an intermeeting meeting?

We would tell them it started at 9:02 a.m.

We announce when the meeting begins. Typically the media people wait on the phone until 9:00 a.m., and someone from our office scurries back to the phone and says the meeting began at 9:00 a.m.

I should just let you know that the media people know exactly when each FOMC meeting begins. We’d have to explain to them that the meeting started at 7:30 a.m. and give them some reason for that. Otherwise we could see some excitement out front.