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

I support both parts of the proposal. But I would echo what Governor Bies and Mike Moskow said. Implicit with the introduction of the words “considerable period” was the need at some point for an exit strategy. And in my view even with the term “patience” we will need an exit strategy. But I agree with your unchanged rate proposal, and I think the change in wording to “patience” is an improvement from where we are now. So I support both parts of your proposal.

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