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

Thank you, Mr. Chairman. Well, like others, I think the case for alternative B is convincing. I don’t think we have any reason to contemplate changing the fed funds rate target at this point or trying to change market expectations about what we are up to. As far as the language is concerned, something that came up at the last meeting was not to make any more changes than are necessary. Some changes clearly are appropriate here because of the incoming data and the way they have influenced the outlook. With that as a guiding principle, I think alternative B as drafted is fine. I might have a mild preference for the suggestion that Governor Kohn made. I think that on the margin it is an improvement, but I can live with B as drafted. I think we are into nuances here that probably matter more to us than to anyone else. [Laughter]

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