FOMC Transcripts Show Interest Rates Were Too Low
January 14, 2011 at 22:16 PM EST
With the release of the 2005 FOMC transcripts we learn that the Fed was aware of the housing boom but failed to alter monetary policy. Among other damning evidence, we find this gem in the December 2005 FOMC meeting. It shows the real federal funds rate compared to the Fed’s estimate of the equilrium or [...]
