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

As part of my preparation when I talked to the banks, I asked them specifically this question about interest on reserves, and every single one of them said, “We haven’t had time to even focus on it. We don’t even know what’s going on with that. We’re not changing anything.” There’s so much going on right now. So I think we’re really going to have to wait until some of the other decisionmaking has worked through before we can draw any conclusions as to what behavior this might drive.

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