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

I think that the decline in the A2/P2 overnight suggests improvement. But there is some concern about sample selection, and you have to worry about that at the same time. It could be just that you are getting higher-quality issuers in the A2/P2 sector. But it turns out you’re not. It turns out that it explains only about half of that decline.

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