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

I will be reading the language from page 25 of the Bluebook directive first.

“The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at an average of around 5¼ percent.”

Then the risk assessment: “Nonetheless, the Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”

Chairman Bernanke Yes

Vice Chairman Geithner Yes

Governor Bies Yes

President Guynn Yes

Governor Kohn Yes

Governor Kroszner Yes President Lacker No
Governor Mishkin Yes
President Pianalto Yes
Governor Warsh Yes
President Yellen Yes

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