It is not desirable to implement a reduction in the intended funds rate at this time. First, intermeeting actions should be reserved for those few instances in which significant unforeseen developments with predictable consequences for the economy occur. The current situation is highly volatile and unsettled. Clearly financial markets are ...

Thank you, Mr. Chairman. President Bullard has a prior commitment and was unable to participate in the discussion. He’s asked me to present some comments to reflect his views, and with your permission, I’d like to proceed.