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

Mr. Chairman. In the same vein, may I just ask a question about the likely conclusion that people would draw from the change in the second section? It has the virtue of truth. [Laughter] You could interpret it, relative to March, as a softer characterization of the recent news. It goes in a slightly different direction from the center-of- gravity of this discussion, which is to say that indicators have actually been mixed. They are sometimes a little softer or sometimes a little stronger, but we think there is maybe a slightly thinner adverse tail in the growth outcome than we had thought in March. I am not particularly troubled by that. But, Vince, do you think that this would be the plausible reading by the market to the change? How would they interpret the intent of the change in section 2?

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