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

I haven’t made that precise comparison, but in general I would say that where you started out was perhaps the most interesting part, which is that the Committee cares about the 24-hour rate. Now, that’s something that I’m not aware has actually ever been articulated before. What has been articulated to the Desk has been the overnight rate, whether that period is 24 hours, 16 hours, or some other time. We have thought about the question of whether the early return should be excluded, and so far we have been analyzing it by tracking the data and trying to understand what effect it has. But if the Committee feels that it should be the 24-hour rate rather than something else, then that consideration will have to be taken up separately.

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