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

I’ll be reading the directive wording on page 15 of the Bluebook and, with regard to risk assessments, the first two sentences that the Chairman read to you from the draft press release. That’s what is being voted on. With regard to the directive itself: “The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at an average of around 1 percent.” With regard to the sentences going into the press statement: “The Committee perceives that the upside and downside risks to the attainment of sustainable growth for the next few quarters are roughly equal. The probability of an unwelcome fall in inflation has diminished in recent months and now appears almost equal to that of a rise in inflation.”

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