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

Yes. The directive would be, “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 is, “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

President Pianalto Yes

Governor Warsh Yes

President Yellen Yes

Keyboard shortcuts

j previous speech k next speech