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

I just want to underscore that, because that was my concern in moving toward B rather than A because I certainly agree that the economic substance is the same. But I do think there’s much more of an opportunity for misinterpretation by the market, and for us to say that we don’t have control of the fed funds rate is the main concern that I have with A. I think B is very clear. The idea of talking about a range, including zero, is something that at least as far as I know the Fed has never done before, and I think that’s an enormous shift. That will be seen as a real shift. But to go to A would have ambiguity and would be very difficult to explain to people who are not real aficionados that we’re not saying, “Gosh, we really don’t have the opportunity to fix the federal funds rate anymore. That piece is broken.”

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