Fed spent extensive time evaluating monetary policy strategy and tools for upcoming decisions.

We have spent an inordinate amount of time in the last two days, two weeks, looking at our monetary policy strategy, evaluating our tools, thinking hard about the sources of data that we have at our disposal and we wish we had. We've also thought hard about the period ahead. What among these questions will be answered with more clarity, certainly not certainty. So the decision we made today, the discussion we had in that room was the farthest thing from inertia I can imagine. As a point estimate at this very moment in a choice between two alternatives, you heard the results of it.