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

Thank you, Mr. Chairman. I concur with your recommendation because I think that the near term is dominated by uncertainties of a global nature. For the longer term, though, all deflations or disinflationary impulses are not equal. And deflationary pressure in the goods sector coming from extraordinary productivity gains in that sector does not call for a policy response.

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