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

Several of you put on the table a bunch of broader questions about communication going forward, which I would like to talk about now, but I think we should defer that until we come to the later conversation. So I am fine with alternative B as amended.

I do think that a lot of you made many interesting suggestions about the language. But there is much virtue in making minimal changes at the meeting because, even if they sound small, I think it is hard in the few minutes we have before we vote to really step back, take stock, and ask whether we altered the balance in ways that we fully intended to be understood. Thus I would be for minimalism in changes at the table generally unless we have something really consequential that we are trying to shift in the statement. In that spirit, I would keep the changes small and stay with a modest amendment to alternative B.

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