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

I will be reading the directive from page 29 of the Bluebook. “The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at an average of around 5¼ percent.”

And the risk assessment: “In these circumstances, the Committee’s predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”

Chairman Bernanke Yes
Vice Chairman Geithner Yes
President Hoenig Yes
Governor Kohn Yes
Governor Kroszner Yes
President Minehan Yes
Governor Mishkin Yes
President Moskow Yes
President Poole Yes
Governor Warsh Yes

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