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

Okay. Here are some thoughts about what Michelle might say. I think we all want to provide a consistent message in our public comments. One question is whether we are going to be making some changes. Michelle proposes to say that the Committee considered a range of issues and has no new formulation to announce, which is the case, and that we decided to adapt the statement gradually in response to changing economic circumstances. I think that is a fair assessment.

The second question is whether today’s discussion was related to the study of the working group mentioned in the October minutes. In lieu of trying to tie this to anything, I think it is best simply to say that we’ve been evaluating and will continue to evaluate communications in response to changing circumstances but announce that the working group has disbanded. That group doesn’t have more to do.

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