With the development of market repo and CBLO segments, the call money market has been transformed into a pure inter-bank market, including primary dealers, from August 2005. A recent noteworthy development is the substantial migration of money market activity from the uncollateralised call money segment to the collateralised market repo and CBLO markets.
We will not be able to call so much on an increasing share of world saving to finance our spending, and that spending will need to match our production much more closely. At the Federal Reserve we will continue to work to foster a full employment level of production, one as high as the economy can generate on a sustainable, noninflationary basis.