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

But I’m just wondering, as the OIS rate has come down, when you think of the band that we have for excess reserves, it does seem that the OIS provides a much bigger band, for example, than what we have even for excess reserves. I wonder whether, during periods in which people are considering a reduction of as much as 50 or more basis points, the OIS ends up being a very low lower bound.

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