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

Just on this debate. Al, I think the problem is that wording the statement the way you suggest actually moves us quite a distance toward inflation targeting. Many people around the table have different views regarding the desirability of inflation targeting. I know where you are. I know where Ben is and where many others are. We should not get to the issue of inflation targeting at 1:00 p.m. at the end of a long meeting. I think it is a quite reasonable issue to discuss in some detail next time. But we can’t do it quickly at this point.

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