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

We added the term “on balance” in drafting the Bluebook for both the time-series and the cross-sectional perspectives. That is, first, from the time-series perspective you are not looking at just one monthly number. You may be doing as complicated an analysis as President Stern in looking at three-, six-, and twelve-month changes. Second, it has a cross- sectional aspect to it. You are not just focused on the one number of core PCE, but you’re taking in the whole suite of price indexes.

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