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

I think they would have trouble characterizing it that way, to be frank about it. We have certainly heard that there is a lot of uncertainty about what is going to happen going forward in terms of balance sheet stress. We certainly have heard that that stress tends to be greatest around quarter-ends and year-ends. I don’t think that we have heard the dealers characterize it in terms of tail risk. I don’t think that is how they would frame the question.

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