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

Mr. Chairman, I support the recommendation. If in nine days, when we get the employment report, it’s a weak one—I hope it’s not—much of the increase in interest rates that we will see this afternoon will go away, but we’ll be out from under the “considerable period” language. If we remove the “considerable period” language after we see a strong employment report, I think it will be taken as an announcement of an action at the next meeting, which is a move we might not want to make. Removing the “considerable period” phrase gives us a lot of flexibility, and I think it’s the right way to go.

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