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

I would like to interject. We do have to think about the time- series nature of the statement, and I am concerned, given that our last inflation reading was very good and reduced some of the anxiety that we were feeling in the last meeting, that there will be a lot of attempts to interpret what we meant by uncertainty. At this point, are we feeling that there is an increase in uncertainty and that we have lost confidence in this projection? I think that we have to think very seriously, not just about the sentence, which is very reasonable on its face, but also about what extent the change from the last statement will be overinterpreted.

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