Marty just claimed that monetary policy will continue to lack the ability to strengthen the economy because of the unusual conditions in the housing sector and credit markets, and because the rates were very low and failed to keep the economy going.
Proposals for the overnight market We are proposing to adjust the format of these SPRA (and SRA) operations from offering primary dealers a fixed amount at the target rate, to a competitive and discriminatory price auction at market rates. We will also increase both the aggregate amount of each SPRA and SRA operation and the limit for each counterparty.