Yellen: 'Patience' Means No Rate Moves Next Few Meetings

The transcript discusses the normalization process and its dependency on data, highlighting the measured pace seen in previous tightening cycles. It addresses the significance of dissents in meetings and the committee's ability to reach consensus. The discussion also covers decision-making processes and the importance of basing policies on economic activity and inflation. The transcript concludes with guidance on maintaining the federal funds rate below normal levels due to economic conditions.

What is the significance of expressing a wide range of opinions within the committee?

In what ways do economic conditions influence the target federal funds rate according to the committee?