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

My second question is about the statement. Many market participants, as you noted, expect very little change in the tenor of the statement’s characterization of the real economy. Do you believe that the markets would view the way alternative B was originally crafted as expressing more concern than the median analyst about real weakness, and do you view exhibit 5 as expressing less concern—as a more moderated signal?

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