FOMC/FOMC20070810confcall/FOMC20070810confcall--46.txt CHAIRMAN BERNANKE The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee 's target rate of 5 1/4 percent . FOMC/FOMC20070816confcall/FOMC20070816confcall--22.txt MR. KOHN The Board approved a reduction in the spread between the primary credit rate and the FOMC 's target funds rate to bring the primary credit rate to 5 3/4 percent . FOMC/FOMC20070816confcall/FOMC20070816confcall--22.txt MR. KOHN The Federal Reserve will continue to accept a broad range of collateral for discount window loans , including home mortgages and related assets . FOMC/FOMC20070816confcall/FOMC20070816confcall--22.txt MR. KOHN `` To promote the restoration of orderly conditions in financial markets , the Federal Reserve Board today approved temporary changes to its primary credit discount window facility . FOMC/FOMC20071206confcall/FOMC20071206confcall--93.txt MR. MISHKIN But in the circumstances , which are complicated and difficult , being creative and trying different things -- ones that we think have very low downside risk but might have some positive benefits -- is exactly what we need to do . FOMC/FOMC20071211meeting/FOMC20071211meeting--113.txt MR. WARSH As a result , I think we are finding that key people across institutions -- which President Fisher and others talked about as keen to provide opportunistic capital -- have stepped back , I would say materially . FOMC/FOMC20071211meeting/FOMC20071211meeting--113.txt MR. WARSH I 'll make two separate observations about that deterioration now versus on the darkest days in August or September . FOMC/FOMC20071211meeting/FOMC20071211meeting--113.txt MR. WARSH The preceding discussion strikes me as giving less comfort than I had at the last FOMC meeting on the short-term resilience and dynamism of our financial markets to repair themselves quickly . FOMC/FOMC20071211meeting/FOMC20071211meeting--113.txt MR. WARSH If they make a bet and it turns out to be as good as they expect , they wo n't be keeping much of the fruits of that trade . FOMC/FOMC20071211meeting/FOMC20071211meeting--113.txt MR. WARSH They no longer want to be market makers or market participants , but I suspect they 're going to find a reversion to the role of some years ago hard to pull off in this environment . FOMC/FOMC20071206confcall/FOMC20071206confcall--11.txt MR. SHEETS Moreover , given the strong financial position of the ECB , the swap line would involve virtually no credit risk to the Federal Reserve . FOMC/FOMC20071206confcall/FOMC20071206confcall--11.txt MR. SHEETS This facility , which the ECB has requested , would provide it with greater scope to issue dollar credit to euro-area banks . FOMC/FOMC20071211meeting/FOMC20071211meeting--82.txt MS. YELLEN At the time of our last meeting , I held out hope that the financial turmoil would gradually ebb and the economy might escape without serious damage . FOMC/FOMC20071211meeting/FOMC20071211meeting--82.txt MS. YELLEN My modal forecast foresees the economy barely managing to avoid recession , with growth essentially zero this quarter and about 1 percent next quarter . FOMC/FOMC20071206confcall/FOMC20071206confcall--10.txt MR. MADIGAN All these options share the potential advantage that their announcement would provide a highly visible signal of the Federal Reserve 's willingness to provide adequate liquidity to promote market functioning . FOMC/FOMC20071206confcall/FOMC20071206confcall--10.txt MR. MADIGAN Even with this notice , however , such a program might risk triggering very large demands for discount window credit whose absolute size could pose reserve management difficulties and balance sheet issues for the Federal Reserve . FOMC/FOMC20071206confcall/FOMC20071206confcall--10.txt MR. MADIGAN 8 , MR. MADIGAN. , '' Given the circumstances that Bill discussed , policymakers might wish to explore possible policy measures that might help address the strains in bank funding markets . FOMC/FOMC20071211meeting/FOMC20071211meeting--37.txt MS. DANKER Chairman Bernanke Yes Vice Chairman Geithner Yes President Evans Yes President Hoenig Yes Governor Kohn Yes Governor Kroszner Yes Governor Mishkin Yes President Poole No President Rosengren Yes Governor Warsh Yes '' FOMC/FOMC20071211meeting/FOMC20071211meeting--37.txt MS. DANKER 35 , MS. DANKER. , '' `` The Federal Open Market Committee directs the Federal Reserve Bank of New York to establish and maintain a reciprocal currency arrangement for the System Open Market Account with the Swiss National Bank in an amount not to exceed $ 4 billion . FOMC/FOMC20070816confcall/FOMC20070816confcall--20.txt MR. KOHN We would mention mortgage collateral specifically in the release , and we would maintain our current collateral margins at the Reserve Banks , which are already pretty conservative . FOMC/FOMC20070816confcall/FOMC20070816confcall--20.txt MR. KOHN We have given considerable thought here to what we might do with the lender-of-last-resort facility to try to help break up some of the logjams in the markets , where people simply are n't making markets , particularly in secondary markets for nonconforming mortgages . FOMC/FOMC20070918meeting/FOMC20070918meeting--128.txt MR. KROSZNER As Vice Chairman Geithner pointed out , one of the responsibilities we have overall is for thinking about macroeconomic and financial stability , and so we have to take into account those tail risks . FOMC/FOMC20071206confcall/FOMC20071206confcall--22.txt MR. POOLE What does the swap give them that they do n't already have on deposit at the Federal Reserve Bank of New York or in their holdings of Treasuries ? FOMC/FOMC20071206confcall/FOMC20071206confcall--97.txt MS. DANKER Chairman Bernanke Yes Vice Chairman Geithner Yes President Evans Yes President Hoenig Yes Governor Kohn Yes Governor Kroszner Yes Governor Mishkin Yes President Poole No President Rosengren Yes Governor Warsh Yes '' FOMC/FOMC20070131meeting/FOMC20070131meeting--22.txt CHAIRMAN BERNANKE Third , we need to select a Federal Reserve Bank to execute transactions for the System Open Market Account . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY In addition , these depository institutions have turned to the Federal Home Loan Bank system as a source of term funding . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY This pressure on bank balance sheets -- both existing and anticipated -- has led to significant dysfunction in financial markets . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY Exhibit 4 shows the maturity structure of outstanding asset-backed commercial paper and highlights the high proportion of paper that is now being rolled on an overnight basis . FOMC/FOMC20070918meeting/FOMC20070918meeting--6.txt MR. DUDLEY Moreover , investors ' ability to distinguish between `` good '' and `` bad '' ABCP programs and structured-finance products should continue to improve . FOMC/FOMC20070918meeting/FOMC20070918meeting--221.txt MR. MADIGAN The ECB would , similarly , auction up to $ 40 billion , and the Swiss National Bank would auction up to a total of $ 20 billion . FOMC/FOMC20070816confcall/FOMC20070816confcall--72.txt MR. LACKER I 'm sure that Vice Chairman Geithner is aware of conversations among large players in New York and probably small players as well . FOMC/FOMC20071206confcall/FOMC20071206confcall--12.txt MS. KRIEGER In response to comments from this group in September , this was reduced from $ 50 million to be more accommodating of the desired bid sizes of smaller institutions . FOMC/FOMC20071206confcall/FOMC20071206confcall--75.txt MR. LACKER I pointed out in my letter that the Federal Home Loan Banks are a very significant source of liquidity to banks , and some of the largest banks are some of the largest borrowers at the Federal Home Loan Banks .