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

Mr. Chairman, I support your recommendation for increasing the intended funds rate by 25 basis points and for the statement as written. I’m reminded of something my mother used to say when I was a child. I grew up in a family of four children with lots of cousins around, and she would often say, “Children are to be seen, not heard.” And I think that’s true of monetary policy today. We should be as quiet as we can possibly be. In fact, as a general rule, I think one of our goals should be to make policy very noncontroversial and predictable, and we should not raise issues that don’t have to be raised. So I support this proposal completely.

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