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Transcripts show Federal Reserve underestimated crisis in 2007

January 18, 2013

WASHINGTON -- The Federal Reserve on Friday released transcripts of its eight regular meetings and three emergency telephone conference calls in 2007. The meetings occurred as the country was on the brink of the worst financial crisis since the Great Depression. The transcripts paint a picture of a central bank that was forced to switch from worrying about inflation and only gradually recognized the scope of the approaching crisis. That year, the Fed began to cut interest rates and took extraordinary steps to ease credit and shore up confidence in the banking system.

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