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

I’m saying that may be a possibility. Let me put it to you this way: All I can say is that, on the surface, the way we’re doing this now doesn’t seem right to me. To be sure, we’ve gone through this experience several times, and it has had no adverse consequences. The reason it has had no consequences, possibly, is that there were no intervening events in the rest of the maintenance period that required an adjustment. Now, it may turn out upon reviewing this issue that the existing policy has no alternative, but I doubt it. Let me withdraw my request at this point because I had assumed the need to look at this was self- evident, but it is not self-evident. As a consequence, I think we ought to open the matter up for further discussion. Are there any other comments on this issue? President Minehan.

Keyboard shortcuts

j previous speech k next speech