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

We have been very cautious about talking about the role of the foreign banks, but they’re definitely a significant factor. The best way to look at it is just to look at the New York District, which is taking an overwhelming share of not all but most of these auctions, and most of that is foreign. Regarding the participation in terms of number of bidders, the split is more even between domestic and foreign; in terms of the actual takedown of dollars, it does skew a bit to the foreign side, but it has been variable. It is not the same in each auction.

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