Prior discussion:
speaker: MR. BROADDUS.
text: A little more generally, let me just say that on a couple of occasions this year in addition to saying what we have done, we have had some additional language in these announcements. Since those kinds of statements also can affect expectations and perceptions of policy and presumably longer-term interest rates as well, I think it would be good to do it a little more systematically if we are going to do that in the future. Perhaps we could have some alternative announcement language in the Bluebook ahead of meetings along the lines of the current inclusion of alternative directive language. But we can address that later. 
speaker: CHAIRMAN GREENSPAN.
text: President Forrestal. 

MR. FORRESTAL. "This is not to deny in any sense that there may not be some inflationary pressures that are building."

Full utterance: Mr. Chairman, as I look at the domestic economy alone, I have a slightly different view than you do in the sense that, as I said yesterday, I think there is more symmetry there than asymmetry. That is to say, in my mind the risks are probably fairly evenly balanced. It's pretty clear from the evidence and from the discussion we have had around the table in the last day and a half that the expansion is moderating, and I think the big question is whether it is going to continue to moderate to a sustainable level, whether it is going to get down closer to potential. This is not to deny in any sense that there may not be some inflationary pressures that are building. So, I think the best course for monetary policy at the moment is to pause and see what effect our actions totaling 125 basis points have had on the economy. I don't think waiting until August 16 presents any particular problem. To me it's very, very clear, as you have indicated, that any move today would be interpreted by the market as intended to support the dollar, and I think that would be a mistake for reasons that have been articulated by several people. It's also important to remember that the basic problem with the dollar is not widespread but really with the yen and to a lesser extent with the deutschemark. Therefore, the inflationary effects will be minimal, at least in the short term. I think there is one risk or one problem that may emerge from no action in that it may reinforce the impression held in some quarters that the United States really wants a lower dollar and we are following a policy of benign neglect. But I don't think there is a thing in the world we can do about that except perhaps urge the Treasury to keep saying things to the contrary. That leaves me, Mr. Chairman, with a view that we should adopt alternative B. My preference would have been for symmetry because of my view of the economy. However, if we are going to err, I would prefer to err on the up side, and therefore I can support an asymmetric directive. I also think that we need to make an announcement today, but we face a dilemma in that we have not yet dealt with this policy announcement question. It would be very helpful to get that settled soon and inform the market.

Opinion: yes
About monetary policy: yes
Stance toward easing (NLI): contradiction