Transcripts Of Fed Meetings During 2007 Show How The Disposition Of Fed Officials Went From Sanguine To Alarm As The Year Progressed

The year started out with interest rates on hold and a general comfort about the country’s economic outlook. As the year progressed, things became increasingly uncomfortable as financial markets became strained and major financial institutions began to fail.
2007 became a banner year as it eventually led to the start of unprecedented monetary intervention that is ongoing.
Some Fed officials’ alarm grew more quickly than others. Fed chief Ben Bernanke was cautious and conflicted about what should be done, even as interest rates began to be cut in December 2007.
You can go here to read how the alarm of Fed officials built up over three key periods of that year.

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