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Fed To Hold Second June Meeting Discussing Discount Rate, This One Open To Public

Courtesy of Tyler Durden

The Fed has announced that it will hold it second meeting on the topic of the Discount and Advance Rates in as many weeks, this coming Monday. As readers will recall, we disclosed that on June 7 the Fed was holding precisely the same meeting, which at this point is probably the 4th in 3 months. Yet there is a major difference this time around: while all prior meeting were held under a 9(A)(i) exemption, which made them closed to the public (as recommended by Ben, Vice Chairman Kohn and Governors Duke and Tarullo), this time the meeting is explicitly, at least so far, open to everyone. This is the first time in 2010 that a discount rate decision meeting is open to the public. We wonder why: doesn’t the cabal realize what the definition of “utmost secrecy” is? All readers located in the neighborhood, are kindly invited to join the Bernanke and company ZIRP party: Monday, 12 pm, 20th Street and C Streets, N.W., Washington, D.C.


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