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

Quite dramatically, to avoid the end-of-period spike in rates. In terms of rate volatility, the Bank of England, the ECB, and the Fed all achieved about the same rate volatility during the period of market turmoil. For the Bank of England, the spikes just tended to be more on the upside than the downside, but that had to do with their implementation procedures and not getting to the end of the period and being willing to accommodate.

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