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

A question. Quite aside from intervening in the narrow and short-run sense, have your conversations gotten into issues of long-term considerations about the appropriate level of our holdings of securities denominated in foreign currencies? We hold securities in two currencies right now, and we got it down to those two over a long period of time. But we’ve just been sitting with the inherited inventory of assets denominated in foreign currencies, and it doesn’t seem as if that is necessarily the right thing to be doing. January 29-30, 2002 Page 8 of 194

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