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

It is, indeed, another way. But if we start to do that type of statement, we have to be very careful to make sure that we have the actual capacity to implement the goal. Too many times people have said we will not allow X to go below Y or we will not allow some specific thing to happen. That’s very forceful if one has a lot of troops to invade the other guy if he is opposed. But we don’t have the tools to guarantee certain things. And if we put out a guarantee and fail to follow through, the effects could be really devastating. My bottom line here is that this approach is not something we can do today. I think your proposed revision requires Committee discussion in a far broader context.

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