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

The path I was thinking about as I was doing the forecast and trying to determine the appropriate policy here—my desire is to get inflation down lower, and that’s reflected in my forecast—is one in which the fed funds rate goes up somewhat from where it is today, perhaps to 5½ or 5¾ percent. But then by the end of ’07 and into ’08, it’s coming back down again to more of a steady-state level, and then we can talk about what the real neutral rate is.

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