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

Mr. Chairman, I think the decision on policy today is a close call. I could have easily supported an easing today. But as I said in my earlier remarks, I think the fairly dramatic improvement in the financial sector offers us enough promise that it’s worthwhile to wait and see for just a bit longer. As for the bias statement, I’ve been a long-time skeptic of the benefits of having a bias statement. In that regard, I think Roger has been very generous in accepting sole paternity! But since he agrees it’s not the prettiest baby he’s ever seen, it seems to me that we’re missing a very good opportunity, as you put it, to bury the whole concept and forget it. I would take advantage of that opportunity, but failing that I think eliminating the “taken together” sentence would be an improvement at this point.

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