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

Obviously, if you could levitate inflation expectations, that would be one thing. The other thing is that note 21 in the package we sent you included some exercises that suggested, if you took actions that could significantly reduce the long-term Treasury rate and compress mortgage spreads, there would be ways in which you’d be able to provide more stimulus for the economy. Now, all those things we suggested, at least the ones that we showed in that note, weren’t sufficient to get you back to equilibrium quickly. But there are policies, obviously, that we think will be able to provide some stimulus.

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