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

I get a sense of nodding around the table, so let’s strike the words “on balance” from section 3. “In part” was changed back to “partly” just to be the same as last time. We consulted with the style editor, and she assured us that there was no substantive difference between those two. [Laughter] So my recommendation then is no action today, and alternative B in the statement is amended by eliminating the phrase “on balance.” May I have your reactions? All right. If there is no further comment, then please call the roll.

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