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

Mr. Chairman, I’d like to just go back and endorse Governor Kohn’s recommendation. I was worried about the numerator/denominator relationship. If the reference to “moderate” as defined and clarified by Vince keys off the third quarter, then I’m concerned. If, however, we take the phraseology that Governor Kohn suggested, I think it would be acceptable.

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