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

I’d second being a little more transparent within the Committee about the fed funds rate. Compared with other elements of the sausage factory that get revealed in the transcript five years from now, I don’t see why that should be so sensitive. More broadly, though, looking at these charts, I was really struck by the dispersion of inflation forecasts for 2009. I would think we would be quite uncomfortable releasing that. The natural interpretation of one’s forecast for inflation at that horizon is going to be what one’s objective for inflation is, and this portrays a Committee that has not come to agreement on its objective for the central thing that it’s responsible for controlling. Given that, I think that we want to come to closure on this issue before we go live. Indeed, we’re doing a dry run without having gone through that. I think the dry run after we go through that is arguably going to be different, and to my mind this argues for coming to closure sooner rather than later.

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