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

About early returns, obviously what we care about as a Committee is the 24-hour rate. Therefore, in calculating and targeting that effective rate, if that spread became substantial, we’d want to adjust for that, I would take it. The spread between the early return and the regular 24-hour return is so small that the implied intraday rate in some sense that you calculate is not even close to our daylight overdraft charges—right?

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