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

I’ll begin with the directive wording, which is at the bottom of page 11 in 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 maintaining the federal funds rate at an average of around 1 percent.” Moving on to the risk assessment, which is part of the formal vote, that would be the language under “B” on page 12: “The Committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal. The probability of an unwelcome fall in inflation has diminished in recent months and now appears almost equal to that of a rise in inflation. With inflation quite low and resource use slack, the Committee believes that it can be patient in removing its policy accommodation.”

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