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

Your remarks this morning and those of Governor Bies and others around the table echo the comments I’ve heard from members over the last couple of weeks in other conversations. So the Chairman has agreed that the special topic at the first day of the June meeting should focus on alternative policy regimes in an environment of very low short-term rates. Dino and I will organize the staff work on the strategy, tactics, and communication policy associated with that. That does crowd out a bit of the background material that the Board staff has prepared on communication policy more generally. What I’ll do is circulate that material in a couple of weeks, and I’ll ask for guidance when you receive it on whether you’d prefer to tackle the communication policy at the next two-day meeting in January or if you’d like to deal with it piecemeal at meetings before then.

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