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

Remember, there’s another aspect of this. By Committee desire, we have been changing the funds rate only at meetings. That was not the case in the past. So there’s another element implicit in this to which the market is adjusting. All I’m saying, though, is that the current practice does not seem to me to be the optimum, thoroughly thought- out procedure to guard against the one single issue that we haven’t faced—a shock in the maintenance period subsequent to the Committee’s decision.

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