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

I can support the statement. I like the fact that we’ve broken out the two risks explicitly in this. I could have voted for a reduction in the funds rate target today because I’m looking at how much the market has moved the fed funds futures rates since our last meeting. The market is pricing in a rate cut; it’s just a matter of when. So having been on the other side for a while, I’m inclined to believe that the market would not have been all that upset by an easing action today. But I will go along with the recommendation that we wait to see how future information develops. I look forward to the discussion at the next meeting. As I indicated earlier, I’d like to see us think through what our strategy should be and what signals we want to send as we move into this lower inflation world that we haven’t experienced for a long time. I think it will help us to further improve our communication if we have considered carefully our long-term plan to get through this low inflation period. Then we can do another plastic surgery on this swan.

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