Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.
crisis so that it doesn’t spread much further, then we can keep the tri-party repo investors from
are still quite elevated. Liquidity is certainly not as good as it was back before this crisis. The
think it has to go back to 10 basis points before the crisis is over. That probably is not going to happen anytime soon and maybe never. Thanks.
weakened more than expected even before the recent intensification of the financial crisis. Over the
Well, a certain variation of that theme is to rerun the Asian crisis in one’s head over and over
this crisis and how long it went and what it covered. Every couple of months, I thought it was about
vulnerable to this in the future. Even as we manage the crisis, I think it’s good to have made that
resolve at this meeting.
The intuition in dealing with the current crisis is that we can use new
which I mean putting lower interest rates in and then taking them out when the crisis is over.
SARS came out, several of her clients actually went into crisis-management mode. They started
point cut in the funds rate. But this isn’t about mechanics. We’re in the middle of a crisis of
would lead us to say, “Oh, a U.S. recession is going to cause imports to fall,” or “A crisis in Asia
we have to deal with although I’ve understood, given the seriousness of this financial crisis, that
actually lower long-term rates, in part because, by reducing the probability of a financial crisis
this works. Then you can pull it out of your pocket if you really need it in crisis circumstances
of the way we had to deal with the crisis in March. We would all like much more clarity about our
be a consensus as to the causes of the Great Depression, people usually cite a crisis in banking
than a response to conditions. But the EMEs are now at a flashpoint in the financial crisis, and as
credit crisis. I am not going to belabor what I have heard from the CEOs I have spoken to. Basically
think we tend to react ad hoc during the crisis, and we have no choice at this point. But as you
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