fed minutes, 2011-04-27
A number of participants noted that it would be advisable to begin using the temporary reserves-draining tools in advance of an increase in the Committee's federal funds rate target, in part because doing so would put the Federal Reserve in a better position to assess the effectiveness of the draining tools and judge the size of draining operations that might be required to support changes in the interest on excess reserves (IOER) rate in implementing a desired increase in short-term rates.
Sentiment: neutral
Topic: mp_interest_rate