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

And I’d make another observation. If one looks at the pattern of fed funds futures contracts, in the months in which there are no meetings scheduled, one can see that the probability of an intermeeting move has gone down to as low as it gets. The Committee’s decision to remove policy accommodation at a measured pace has signaled to markets that it’s a decision that is made at meetings. So they have a fixed target, and that, therefore, puts Dino in the sights of the fed funds traders. But the consequences, in normal times, seem fairly manageable.

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