In recent months, as interest in our policies has risen in light of the continued slow recovery, some Fed watchers and reporters have worked especially hard to piece together individual opinions to try to characterize FOMC meeting discussions and the likely outcome of our future deliberations.
Importantly, banks have continued to extend credit, albeit on tightened terms. Still, the system has not performed as well as it should have. Bank funding costs have come under pressure, and  BIS Review 2/2008  1  bond issuance has virtually ceased.