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

Bill, if you talk to the producers and the refiners—you’ll find out that I like to do that kind of thing—there has been some concern, although one can’t measure it with any precision, that the so-called city refiners in London or on Wall Street, meaning the speculators, do affect prices. We have had some discussions with your predecessor, but I’m curious as to what your views on that phenomenon are.

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