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

Mr. Chairman, I support your recommendation for the rate. My preference on the sentence would be somewhat different from what you’re recommending. I would prefer to have you explain “considerable period” in more detail in your testimony. It will be delivered after the jobs report comes out, so you will have the flexibility of giving a clearer signal. If the jobs report is very strong, as I think it will be, you would be in a position to give a very clear signal that the “considerable period” will not last for long. We have conditioned it already, and my preference would be to get rid of the concept completely and not have it phased out by a reference to “patience.” If we have a sentence in our statement that says the Committee believes that it can be patient in removing its policy accommodation, we will still have the problem of removing that sentence sometime in the future. So my preference would be to have you do the explaining during your testimony and to get rid of the time reference completely in the March statement.

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