The changes were announced to remain in place until the Federal Reserve determined that market liquidity had improved materially. See Board of Governors of the Federal Reserve System (2007), “Federal Reserve Board Discount Rate Action,” press release, August 17.
4 The proceedings from the 2007 conference are instructive about the range of views regarding housing-related  developments preceding the acute phase of the financial crisis. See Federal Reserve Bank of Kansas City (2007), Housing, Housing Finance, and Monetary Policy,proceedings of an economic policy symposium (Kansas City: FRBKC).