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

Thank you, Mr. Chairman. It may horrify everyone at the table that before I joined the Committee, I didn’t actually parse this statement every few weeks. [Laughter] I don’t have a lot of historical perspective, but I’m basically okay with the way the process works now. I think that the inclusions in the statement all serve a purpose. I’m not sure I fully understand the right and the left side of the Taylor rule, Rick, but maybe afterward you can explain that to me. I view this statement as having a short term. If there are forward-looking statements, they are short term. They signal the next meeting or two, but not much more than that. Regarding the governance or the voting issues, I think we should vote on the whole thing, and if we ever need to have a tie breaker, I guess I would revert to its being at that time the Chairman’s statement. But in normal circumstances, we all vote and agree, and that’s it.

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