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

I’ll be reading the directive and risk assessment from page 23 of the Bluebook.

“The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at an average of around 5¼ percent.”

Then: “Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”

Chairman Bernanke Yes
Vice Chairman Geithner Yes
Governor Bies Yes
Governor Kohn Yes
Governor Kroszner Yes
President Lacker No
Governor Mishkin Yes
President Pianalto Yes
President Poole Yes
Governor Warsh Yes
President Yellen Yes

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