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

Let me just say, generally speaking, that we are making a lot of changes here. I’d like to suggest that we move gradually. But one suggestion I did like and would propose to see if it helps you is First Vice President Cumming’s suggestion of saying that we’ll provide support with measures that sustain the size of the Federal Reserve balance sheet at a high level. That makes it very explicit. Later we can go further about quantitative guidelines and so forth, but for the moment we’re saying that the balance sheet size itself is of importance.

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