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

We’ve discussed this in the past. The swap lines serve partly a diplomatic function, and they have some relevance to potential financial crises, if they’re needed for dollar liquidity either in Canada or in Mexico. However, I will bring these up with Secretary Paulson at some point just to make sure that the Treasury is aware of what we’re doing—whether we need to expand them or reduce them. So we’ve had a motion without objection. Okay, then the swap lines are approved. Let’s turn now to the economic situation. Dave?

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