What Can We Learn From the 2011 FOMC Transcripts?

The transcript discusses the economic challenges of 2011, focusing on the August meeting after the S&P downgrade and the market's reaction. Dan Tarullo's remarks highlight cognitive dissonance within the Fed. The discussion covers economic uncertainty, recovery, and the Fed's contingency plans for a potential debt ceiling breach.

What were the implications of the GDP revisions discussed in the meeting?

What challenges did the Fed face in incorporating fiscal policy into their economic models?

How did the private sector's preparedness for economic contingencies compare to the Fed's expectations?