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

Looking at the policy that is going forward, first of all, we are forecasting here what we think they will do, not necessarily what we think they should do. Given their past behavior, we think that they will be ratcheting up the rates the first chance they get. The timing is a bit different, but the rates are broadly in line with market participants’ expectations. In the case of the euro area, for example, at the end we are even a little lower than the market participants are expecting.

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