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

Thank you, Mr. Chairman. I support your recommendation on the rate, and I am glad to see that the old language referring to a “considerable period” is going away. I can support the recommended wording change to “patience,” but like President Moskow I would prefer not to use the “patience” language because we’ll have to get rid of that also. I’d feel much more comfortable going back to not including in the statement any kind of forward commitment of that sort. The faster we can eliminate both the “considerable period” and the reference to “patience” the better I will feel.

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