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

Mr. Chairman, I support your recommendation to make no policy change today. I actually came in thinking—and I said this to somebody during the break—that the worst of all worlds would be to take no action today and to go back to a balance of risk statement of the kind we ended up with here. I think it was Al Broaddus and maybe Don Kohn who made a point that was quite vivid in my mind—that we need to convey some positive sense about the outlook. To throw a bit of cold water on the way this statement is structured I, like several others—I’m still thinking about this as I speak—believe it might be better to strike that last sentence where we blend the two risks. I know we can’t abandon the statement without preparing the public for it. I’m not smart enough and don’t have enough time to think about whether or not we can simply drop that sentence. But I’m afraid it does undo some of what we’re trying to do today, and that bothers me a good deal.

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