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

Thank you. I think Don’s and your points, Mr. Chairman, are very well made. Coming at this maybe from a little different perspective than a lot of people do, I think there’s a lot we can say about what the Committee has already done in the realm of communications. The big watershed was in 1994—in actually telling people what we were doing. You can say a lot that is positive—for example, the timeliness with which we bring the minutes out. Also, I can’t see that people have difficulty understanding that we have issues left to resolve. If people ask a question about communications, we can say that we’ve taken really major steps and that we’re contemplating what more we should do to meet the objectives of monetary policy better. So my own view is that, no matter where you stand on this subject, you have a solid track record of Committee action to talk about without even getting into inflation targeting.

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