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

In terms of what we’re going to be speaking about regarding the new regime, I think it was easier when we had alternative A and we were going to a new regime than when we’re saying, “Well, okay, we’re going to end this regime here.” I’m giving this speech; I get questions. We’re going to end this regime, and we’re going to go to this. So now I’m in the middle of a transition, and I’m trying to explain it, but other than, “Yes, we left this behind, and here we are going forward.” So that’s my concern about the middle step here. I guess in your opinion it’s easier to explain going from “Here’s the old regime; we’re going to stick to it for a little while longer and then . . .”

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