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

I would be very, very careful about asking the Desk to do anything that seemed to prejudge what our action would be at the next meeting. Moreover, it could be that the cost of having the Desk not prejudge that—the cost of this very aggressive daily supply of reserves, which we’ve gone to more and more over the last few years—is a little more fluctuation in excess reserves. If the Desk supplies reserves on a daily basis, with contracts that mature frequently, I’m not sure what the problem is.

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