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

I’ll begin with the directive itself, which is on page 14 of the Bluebook: “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 increasing the federal funds rate to an average of around 1¼ percent.”

Then with regard to the portion of the statement in the press release that is part of the vote, which is the third paragraph, the wording is: “The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters are roughly equal. With underlying inflation still expected to be relatively low, the Committee believes that policy accommodation can be removed at a pace that is likely to be measured. Nonetheless, the Committee will respond to changes in economic prospects as needed to fulfill its obligations to maintain price stability.”

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