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

May I also just ask a question? In President Stern’s formulation, you would take the second sentence from alternative C and not make any reference to resource slack? So I would actually take that as markets reading that you have decided to totally discount the current pressures on employment rather than increasing your weight on inflation uncertainty. I took this as an invitation to say disregard employment—you are not worried about slack as much, and you are just asserting that inflation moderates.

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