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

Who says 18 people can’t draft a statement? [Laughter] I have some late breaking news. If you go to the dictionary, the first meaning of “moderate” is “being within reasonable limits,” which I believe is what Governor Kohn was referring to. But it also means “of limited or average quality,” and in the federal statistics, there is a term of art, “moderate income,” which refers to households supported by average or slightly below average income. [Laughter]

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