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

May I just follow up? Compared with the early return, the regular fed funds loan is a 24-hour loan plus an option to extend it for a few hours. It’s an option—you could use it or not, right? So from that point of view, if what we wanted to get a bead on was the risk-free 24-hour rate, then it looks as though the early return might be the one we’d want to target rather than the other—assuming that the market is liquid enough to do that.

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