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

Though they had a few trades above their lending rate, in fact that was not much of a problem. Their system worked quite well. Interestingly, the country with the smallest rate volatility during the whole period of market turmoil was Canada, and that’s because they knew the demand for balances at the end of every day and could adjust the supply by adjusting the government balance at the end of every day. So they hit it basically every day.

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