10 years ago -- November 3-4, 2009 FOMC meeting federalreserve.gov/monetarypolicy… 
good case for alternative A... they chose B
Narayana Kocherlakota's first FOMC meeting as Minneapolis Fed Prez
Don Kohn skeptical of setting up a permanent swap line with the Bank of Mexico
interesting from Dudley re swap lines
Richard Fisher says CEOs don't want to invest until Larry Summers stops with his "grape-shot approach" of a blizzard of policy plans and gives them some certainty
Yellen: "I find myself in agreement with the Greenbook’s assessment of the outlook for the economy, but this is not an outcome that I find at all satisfactory, not with unemployment rising to 10 percent this year and remaining above 8 percent through 2011"
Kocherlakota before his pivot
Dudley: "I think we are where we were at the last FOMC meeting—many quarters away from any need to tighten monetary policy. That said, we should recognize that we are already tightening on at least two dimensions."
Bernnake: "We must take account of the possibility
of a jobless recovery."
of a jobless recovery."
more Bernanke: "My sense is that, even given the bad headline numbers in terms of unemployment and payrolls, the labor market may be even weaker than it looks... the weakness is perhaps even worse and more pervasive than the unemployment rate may suggest."
Plosser favors Alternative C
"But I do not want, and I don’t think we should prefer, to take steps that explicitly or implicitly are designed to lower the expected future funds rate path. In fact, I think it would serve us well if the statement raised the path somewhat."
"But I do not want, and I don’t think we should prefer, to take steps that explicitly or implicitly are designed to lower the expected future funds rate path. In fact, I think it would serve us well if the statement raised the path somewhat."
interesting Bernanke: "I think a lot of people around the table agree with you about inflation targets, but if they are to be credible and democratically legitimate, they need to have at least some political support. And I think this moment is probably not the optimal point."
Fisher: what if the dollar collapses between FOMC meetings?
Bernanke: "Of course, we don’t want to talk about this here—it is a bad word—but there is always intervention, which seems to have an effect."
Bernanke: "Of course, we don’t want to talk about this here—it is a bad word—but there is always intervention, which seems to have an effect."
Unanimous vote for Alternative B
Statement: federalreserve.gov/newsevents/pre…
How it was perceived:
Statement: federalreserve.gov/newsevents/pre…
How it was perceived:
other media stories of interest from @hblodget and @TheStalwart
businessinsider.com/business-news/…
businessinsider.com.au/imf-the-time-h…
businessinsider.com/business-news/…
businessinsider.com.au/imf-the-time-h…
@hblodget @TheStalwart That's it. Will do it all again in 6 weeks. 👋
