Fed’s Nightmarish Year of 2007 Comes Into Focus
Transcripts from dawn of global financial crisis released
by Greg Robb
Market Watch
WASHINGTON (MarketWatch) — The Federal Reserve on Friday released transcripts of its meeting in 2007, showing in greater detail what has long been understood: central bankers did not recognize that a global financial crisis was upon them until it crashed over them that August.
The Fed keeps transcripts of its monetary-policy meetings and releases them with a five-year delay.
The transcripts show a hopeful central bank as 2007 started, with Fed Chairman Ben Bernanke speculating that the “worst” might be behind the economy from the housing market.
At the January meeting, central bank officials were talking about moderate growth. For instance, Fed governor Susan Bies, a former community banker, said she was feeling better about the housing market.
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2013-01-18 11:20:19
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