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Excerpt

February 1, 2012

BROAD AGREEMENT was reached following recent meetings of the Federal Open Market Committee on principles regarding longer run goals and monetary policy strategy. Following its meeting last week, the committee said it seeks to explain its monetary policy decisions to the public as clearly as possible. Such clarity facilitates well-informed decision-making by households and businesses, reduces economic and financial uncertainty, increases the effectiveness of monetary policy and enhances transparency and accountability, in the committee's view.