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

The draft language is in the Bluebook. The page is not numbered, but I guess if it were, it would be page 14: “The Federal Open Market seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at an average of around 1¼ percent.” For the balance of risk sentence for the press release: “Against the background of its long-run goals of price stability and sustainable economic growth and of the information currently available, the Committee believes that the risks are balanced with respect to prospects for both goals in the foreseeable future.”

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