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

No. This situation has arisen only around the FOMC meetings; it is just in the maintenance period encompassing a meeting when this sort of activity begins. In the previous period of this intermeeting interval we were, as you know, close to the 1½ percent objective. But as soon as we got into the current maintenance period on Thursday, banks began trying to build up reserves and to buy them cheaply. That’s all people are saying. And they figure we’re managing reserves to meet demand.

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