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

The staff draft of the June narrative will be similar in structure to the May narrative. That, however, is only the first draft. Given that we intended it to be similar in structure to the May narrative, then we would include a couple of histograms. We also added in this package a revised picture of the central tendency—you know, the red bars and the box and whiskers chart. We intended to include that. So we didn’t view any material upgrade in the pictorial description of the forecast. We tried to come up with as fat a package as we could for your internal discussion so that you could see how the individual forecasts of your colleagues vary and also are related—for instance, between the unemployment rate and the growth rate and between the inflation rate and the unemployment rate.

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