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

That’s how we were thinking of it. The 50 basis points, however, was not done on the basis of any deep analytical analysis of whether that, in fact, is the zero bound, and I think that’s an issue that the staff will need to address pronto. But the message in the forecast with that funds rate path was that we think this shock is large enough that you will need to lower the funds rate as low as you think it can feasibly go.

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