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

Let us reconvene. Again, thank you for the very useful discussion before lunch. Let me just remind you that we need to keep this discussion within this room. It would be destructive to the whole process if we had it leak out in the next few months. So we appreciate your doing that.

The last item of business is just to do a go-round on the statement. Remember there are two questions. First, given where we seem to be going on using projections and the other elements we discussed, do you think that the statement is okay? What suggestions do you have for changing it? Second, do you have any comments on the consultative governance issues? Who would like to begin? President Hoenig.

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