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

The entire statement: “The Federal Open Market Committee decided today to keep its target for the federal funds rate at 5¼ percent. Economic growth appears to have been moderate during the first half of this year, despite the ongoing adjustment in the housing sector. The economy seems likely to continue to expand at a moderate pace over coming quarters. Readings on core inflation have improved modestly in recent months. However, a sustained moderation in inflation pressures has yet to be convincingly demonstrated. Moreover, the high level of resource utilization has the potential to sustain those pressures.” The last section is the same.

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