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

Thank you, Mr. Chairman. First off, I would endorse many of the dovish comments Don started with. [Laughter] But in the meantime I’ll be relieved to drop the “considerable period” language. I think you’re right that we’re looking at the mirror in that the market is listening to us. And that’s even more than normally nerve-wracking. I would like to keep open the possibility of staying ahead of the curve, and I think this proposed new language does that. We’re not making a move; but as you point out, there’s a whole lot of uncertainty about various aspects of the economy, and we have to be ready to move if need be. So I support the rate recommendation and the language suggestion.

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