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

I could tell stories in which that flexibility would all work in the right direction, but I could imagine at least some factors that could go the other way, in the sense that every time the world seems to be going through a period of uncertainty and unsettledness—and a pronounced external adjustment might be such a period—there’s a tendency to see capital flow into the United States, not out of it. And that would counteract the desired adjustment.

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