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

The only thing I would add to Brian’s statement is that I think uncertainty about inflation in the long run could be moving up noticeably without really bringing into play disinflation or something like that. In other words, you could be more worried about going down to 1½ or 1¼ than you were before—I don’t know—it could be more just as it was in the forecast.

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