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

Thank you, Governor. Well, first of all, let me thank everyone for extremely thoughtful and helpful remarks. We will be looking at them, the staff will be looking at them, we will proceed with this process, and we will try to converge to the document that ultimately will be the one that will be the format that we will be using. So we will be in touch with you about perhaps further questions, and we will be doing another trial run for the next meeting.

We do want to have a few thoughts from you on the statement. Let me propose the following. Let’s take a half-hour break for lunch. When we come back—I’ve conferred with Governor Kohn about this—let me just ask you to answer two questions. One, in light of these proposed changes, are you happy with the statement, or is there a change that you would make? Two, are you happy with the approval governance—the process by which we now construct the statement? The answer could be yes-yes, no-no, [laughter]—clearly 3:00 p.m. is the drop-dead deadline—but I hope that we can have a very quick and efficient go-round on those two questions. So let’s take a break for lunch now and come back in half an hour.

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