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Fomc 20080916 Meeting

Fomc 20080916 Meeting

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Published by Becket Adams
Fomc 20080916 Meeting
Fomc 20080916 Meeting

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Published by: Becket Adams on Feb 21, 2014
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Meeting of the Federal Open Market Committee on September 16, 2008
A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, September 16, 2008, at 8:30 a.m. Those present were the following: Mr. Bernanke, Chairman Ms. Duke Mr. Fisher Mr. Kohn Mr. Kroszner Ms. Pianalto Mr. Plosser Mr. Stern Mr. Warsh Ms. Cumming, Messrs. Evans, Lacker, and Lockhart, and Ms. Yellen, Alternate Members of the Federal Open Market Committee Messrs. Bullard, Hoenig, and Rosengren, Presidents of the Federal Reserve Banks of St. Louis, Kansas City, and Boston, respectively Mr. Madigan, Secretary and Economist Ms. Danker, Deputy Secretary Mr. Skidmore, Assistant Secretary Ms. Smith, Assistant Secretary Mr. Alvarez, General Counsel Mr. Sheets, Economist Mr. Stockton, Economist Messrs. Connors, English, Kamin, Rolnick, Rosenblum, Slifman, Tracy, and Wilcox, Associate Economists Mr. Dudley, Manager, System Open Market Account Mr. Cole, Director, Division of Banking Supervision and Regulation, Board of Governors Mr. Clouse, Deputy Director, Division of Monetary Affairs, Board of Governors Mr. Parkinson, Deputy Director, Division of Research and Statistics, Board of Governors Mr. Blanchard, Assistant to the Board, Office of Board Members, Board of Governors Mr. Struckmeyer, Deputy Staff Director, Office of Staff Director for Management, Board of Governors
September 16, 20081 of 108
 
 Mr. Gagnon, Visiting Associate Director, Division of Monetary Affairs, Board of Governors Messrs. Reifschneider and Wascher, Associate Directors, Division of Research and Statistics, Board of Governors Mr. Oliner, Senior Adviser, Division of Research and Statistics, Board of Governors Mr. Small, Project Manager, Division of Monetary Affairs, Board of Governors Mr. Luecke, Section Chief, Division of Monetary Affairs, Board of Governors Mr. Carlson, Economist, Division of Monetary Affairs, Board of Governors Ms. Low, Open Market Secretariat Specialist, Division of Monetary Affairs, Board of Governors Mr. Moore, First Vice President, Federal Reserve Bank of San Francisco Mr. Judd, Executive Vice President, Federal Reserve Bank of San Francisco Mr. Altig, Ms. Baum, Messrs. Rasche, Schweitzer, Sellon, and Tootell, Senior Vice Presidents, Federal Reserve Banks of Atlanta, New York, St. Louis, Cleveland, Kansas City, and Boston, respectively Mr. Krane, Vice President, Federal Reserve Bank of Chicago Mr. Chatterjee, Senior Economic Adviser, Federal Reserve Bank of Philadelphia Mr. Wolman, Senior Economist, Federal Reserve Bank of Richmond
September 16, 20082 of 108
 
Transcript of the Federal Open Market Committee Meeting on September 16, 2008
 CHAIRMAN BERNANKE. Good morning, everybody. Sorry for the late beginning. The markets are continuing to experience very significant stresses this morning, and there are increasing concerns about the insurance company AIG. That is the reason that Vice Chairman Geithner is not attending, and Chris Cumming will sit in his place. I want to turn in a minute to Bill Dudley for his usual report, and he will be able to give you more information about the situation. There is another action item I would like to add, given what is happening, which is that there are very significant problems with dollar funding in other  jurisdictions—in Europe and elsewhere. After Bill makes his presentation and we have our discussion, I would like to put on the table a request for authorization for swap lines. I prefer not to put a limit on it, so I know I’ve got my own bazooka here. [Laughter] There is a Foreign Currency Subcommittee that consists of myself, the Vice Chairman of the FOMC, and the Vice Chairman of the Board. Again, after Bill’s discussion, I would like to discuss the possibility of giving us a temporary authority to use swap lines as needed. Before I turn to Bill, let me say one other thing. Obviously, we started late. We have a lot to talk about. I would like—just for today, if you would indulge me—to condense our discussion to one round. In your discussion, please include your tentative views on the policy decision. Obviously, that is not ideal because you will not have heard everyone else’s views, but we will have an opportunity afterward for people to amend, revise, and give additional thoughts. But in the interest of time, I think it would be more efficient at this time just to do it that way. Without further ado, let me turn to Bill and ask for a report. MR. DUDLEY. Thank you, Mr. Chairman. I am not going to go through this in great detail. You can look at these charts at your leisure.
1
 I am going to focus on
1
 The materials to which Mr. Dudley refers are appended to this transcript (appendix 1).
September 16, 20083 of 108

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