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

Thank you, Mr. Chairman. Let me start first by commenting on the statement, which I like a lot. It may not be perfect, but I consider it a distinct improvement so I think we should go with it. As for policy, on balance I agree with you that we’re probably better off not acting today. Not only are financial markets fragile, but they can also be fickle. We don’t want to do anything that will set them off unnecessarily. I think Bill’s and Don’s argument is right that this statement conveys much the same sentiment as a funds rate cut. But it’s still different from taking an easing action because people in the market know that we’re going to be reading the incoming information on the economy, as are they. So I feel more comfortable deferring any action until June depending on the nature of the incoming information.

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