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Leading the fight to tame the doubledigit inflation that he inherited as chair, thus laying the foundation for the prosperity and price stability we enjoy today. But what is perhaps most admirable about him more than his many accomplishmentswas his character. He believed that there is no higher calling than public service, and he dedicated the lions share of his life to it. With courage, integrity, and tenacity, he always pursued the policies that he believed would ultimately benefit all americans. My colleagues and i continue to draw inspiration from his example. Turning to todays meeting, my colleagues and i decided to leave our policy rate unchanged, after lowering it a total of 3 4 of a percentage point at the previous three meetings. As always, we base our decisions on judgment of how best to achieve the goals congress has given us maximum employment and price stability. Our Economic Outlook remains a favorable one despite Global Developments and ongoing risks. With our decisions

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