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

The directive wording is on page 15 of the Bluebook: “The Federal Open Market Committee 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 1¾ percent.” For the press statement: “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 continue to be balanced with respect to prospects for both goals in the foreseeable future.”

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