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

That’s a complicated governance issue because it relates to both what the Committee approves potentially and what the Board approves because the Monetary Policy Report is by law a report of the Board of Governors explaining the monetary policy actions of the Committee. The short answer is that it depends on what you want. One possibility—that’s option one—is to write a narrative included in the minutes, have it approved by the Committee, and then essentially lift that out and make that a significant chunk of Part 1 of the semiannual Monetary Policy Report. Then the words would be the same in both places.

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