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

Thank you, Mr. Chairman. I take my cue from the earlier observation that we have received a lot of additional data but not much additional information, and I agree with it. So, first of all, I favor no change in the federal funds rate. I think that has been appropriate for a while, and I think it continues to be appropriate. As far as language under alternative B is concerned, I must admit that some of the discussion is perhaps overly nuanced for me. But coming down to a choice, I would prefer some version of section 2 from exhibit 4, taking out the phrase “more than anticipated.” I don’t want to get into a debate about exactly what spending encompasses or doesn’t encompass from the version in exhibit 5. I agree with those who have already commented that the data have turned out to be a bit softer than we expected and, I think, than was generally expected. We should acknowledge that; I mean, let’s not pretend that it hasn’t occurred. So with that, I’ll end my remarks.

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