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

I concur with your decision and support it. I like the idea of splitting up the two sentences. If I were a wordsmith, I’d argue that the “taken together” sentence doesn’t need to be there. Let the markets put it together and just indicate what we believe the conditions are that relate to sustainable growth and inflation. If we put the two together, in some sense we are trying to summarize our view of the risks, and we’re giving code words to the market. So my preference is to eliminate that sentence, but I can go either way.

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