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

Mr. Chairman, I support your recommendation. I do think the new language is a nice recalibration of our signal. It is an exit strategy that is thoughtful and gentle, and in that regard it makes sense. When Ned was talking about calling in the fire trucks, I was thinking that we had already planned to do that, but we sent the gas trucks in their place. [Laughter] We’ve had the nozzle on automatic, and I think it’s time that we put our hand back on the nozzle. In my view, your proposed rewording is a great signal, and I support it. Thank you.

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