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

The awkward thing right now is that we are trying to add liquidity as powerfully as we can. So to raise the minimum bid rate or do anything that somehow suggests a pulling back would be a bit inconsistent with the LIBOR–OIS spread widening that we have seen and the fact that it still remains very, very elevated. You might want to do exactly what you suggested, President Rosengren, at some future date, but I think that doing it now would send a very mixed message to the market. I think people would be confused about what we are doing.

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