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

I think that is something worth considering. The emphasis right now has been getting term funding out in as much size as possible and not worrying so much about whether the cost of the funds is or is not at a penalty. So I think the emphasis of the program did shift a bit over the past six weeks. Obviously, if things settle down and the demand at the TAF auctions subsides, then you can have the option of cutting the size of the auctions or increasing the minimum bid rate or some combination of the two.

Keyboard shortcuts

j previous speech k next speech