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

I support your recommendation on the rate and also on the wording. In terms of the timing, at some level I could make a case that the weak jobs report makes it a little easier for us to take this step because it doesn’t involve the anticipation of an immediate interest rate movement. As to the concerns about whether or not this is a big enough step, we need an exit strategy, and this is one. These are baby steps, but as we know from our babies, the first step is the hardest. And moving away from “considerable period” is probably a step well taken now. We can move over time to where we want to be, and then we can finally get rid of this contingency language. So I think it’s the right thing to do and the right time to do it.

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