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

The wording is on page 13 of the Bluebook: “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 reducing the federal funds rate to an average of around 1 percent.” With regard to the three sentences for the press statement: “The risks to the Committee’s 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 are weighted toward the downside in the foreseeable future.”

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