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

The wording is on page 10 of the Bluebook continuing onto page 11: “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 risk- assessment language, “Against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the Committee believes the risks to its outlook for sustainable economic growth over the next several quarters are balanced. The risks to its outlook for inflation over the next several quarters are weighted toward the downside. And taken together, the balance of risks to its objectives is weighted toward the downside in the foreseeable future.”

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