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

Just very quickly, I think what’s clear from this discussion is that, in dealing with the issue of inflation targeting, there’s no need to be on the offensive. The issue is how we handle the defensive—and I think Vice Chairman Geithner’s point is correct—if we talk about the ends and desires of monetary policy rather than getting into the means. As you know, Mr. Chairman, after the last discussion I was very worried about what was sent around in the first draft of the minutes—I think President Minehan was as well—even about what we ended up saying in the minutes. So, again, my view is that the less said, the better. If we are on the defensive, I would urge everybody just to stress the fact that the topic is under discussion and no decision has been made and try to make it as simple and as quick as possible.

Keyboard shortcuts

j previous speech k next speech