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Authorized for public release by the FOMC Secretariat on 9/1/2020 BOARD OF GOVERNORS DIVISION OF THE OF FEDERAL RESERVE SYSTEM MONETARY AFFAIRS FOMC SECRETARIAT Date: September 5, 2014 To: Federal Open Market Committee From: Matthew M. Luecke Subject: Background Memo on Potential Implications of Alternative Approaches to the Timing and Pace of Tightening Attached as background is a memo entitled, “Potential Implications of Alternative Approaches to the Timing and Pace of Tightening.” Page 1 of 1