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

That it was a recognition of the incoming information. I think an important change is also to take out the “to continue to expand” and leave it as just “to expand” because the first quarter did not have moderate economic growth. So that part says that you are acknowledging the most recent numbers. Again, the first clause is basically acknowledging that the first part of the year, not just the first quarter, will potentially be kind of slow. So more than anything it says that the Committee is looking through this soft patch, without using the phrase “soft patch.”

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