5  See Board of Governors of the Federal Reserve System (2014), “Federal Reserve Issues Statement on Policy Normalization Principles and Plans,” press release, September 17. 6  Policymakers have discussed benefits and costs of an ON RRP facility.
For further discussion on this topic, see, for example, the FOMC minutes for June 2014, July 2014, and January 2015 available on the Board’s webpage “Federal Open Market Committee: Meeting Calendars, Statements, and Minutes (2009–2015)“; and Josh Frost, Lorie Logan, Antoine Martin, Patrick McCabe, Fabio Natalucci, and Julie Remache (2015), “Overnight RRP Operations as a Monetary Policy Tool: Some Design Considerations (PDF),” Finance and Economics Discussion Series 2015–010 (Washington: Board of Governors of the Federal Reserve System, February).