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

I strongly support expedited release for a lot of the reasons that Governor Kohn and others have expressed. I have a general predilection toward more transparency; the more information in the markets, the better. I just want to make three points. One is that bringing this information out earlier in time would resolve uncertainty earlier. If we see any market reaction to this, for the most part it would just represent a shift in the timing of market volatility. It doesn’t seem to me likely that on net, in any global sense, it’s going to add any market volatility. So we shouldn’t let the magnitude of perceived market reactions dissuade us or give us second thoughts down the road. The second point I want to make is that I do see this as alleviating some of the pressure on the Committee with regard to the drafting of the statement. But, Cathy, I think this cuts both ways. After expedited release of the minutes, the statement will stand as the Committee’s latest communication for only three weeks. To some extent, that could make it easier to communicate and agree on phrasing rather than harder, since only three weeks are at stake rather than an entire intermeeting period. I agree with Don. I wouldn’t want to see the extent of the communication we do in the statement cut down. Finally, there’s one tiny detail that I hesitate to bring up, but it sort of surprised me. If it were up to me, I’d like to see it changed. Apparently, it’s the tradition that nonmembers’ policy statements are excluded from the minutes as they’re written. Now, I don’t remember ever noticing this before, and I can’t remember seeing it in the orientation package I got. [Laughter]

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