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

Thank you. I think the statement is okay. I am a little concerned that we modify it case by case. Today we had this issue about “elevated” or “somewhat elevated” and how would we change that without giving a message that we don’t intend. I don’t know whether we can craft language that would avoid that sort of case-by-case issue. It seems to me that after we go through the projections exercise, we might want to come back to that. On governance, I could go either way. I think it’s okay the way it works because we fully discuss the issue. If there’s sentiment to vote on the full thing, that’s fine, too.

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