Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I think the important thing is that all three of these measures are moving in the same direction. So I wouldn’t want to put a lot of weight on the level of these three measures, which differ because they adjust differently for liquidity and on-the-run/off-the-run comparisons, but they have all moved down pretty meaningfully since November.

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