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

May I interrupt? I should have addressed this. If the data we’re seeing from the Federal Advisory Council and the National Federation of Independent Business prove to be a false dawn, we will know it by the time of the next meeting. And if that should be the case, I think the burden of proof will be on those who think we should not move at that time. The absence of signs of an improving economy at that point would suggest potential deterioration that will require us to respond. I think that’s what you were questioning.

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