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

Well, the big problem would be how we would make the transition, because I think we cannot do two auctions simultaneously on 84 days and 28 days and it’s not clear how one would actually transition then to steady state. We would have to spend some time working on that to see if it is possible to make this happen without having a lot of reserve-management issues because we really don’t want the outstanding amounts to go up or down violently as we’re transitioning. So we’re just going to have to see if that’s feasible or not.

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