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

If I could just add to that. I had a similar reaction to Vice Chairman Geithner. When we targeted money supply growth, markets reacted to money supply growth figures because they thought we were going to react to money supply growth. If Red Sox victories influence a fed funds rate setting, the market would react to the Red Sox. Obviously, we are going to manipulate the fed funds rate in response to inflation. I don’t think that is going to drop off the table anytime soon. So it sort of sounds great to say that they don’t care about inflation, that they care about the fed funds rate. Well, they are going to care about inflation if they care about the fed funds rate.

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