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

On the other side, we are anticipating a slowdown in employment growth. So then, the markets would look back to this and say, “Aha, the unemployment rate is rising—the Fed is about to ease.” The question is whether this is a good time to get that notion out. I don’t feel very strongly one way or the other, but I think there is a lot to be said for leaving it alone, given all the ambiguities here. But basically I’m supportive of President Stern’s recommendation.

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