The Fed "Emergency" Meeting

I have received a number of emails regarding an "emergency" meeting to be held by the Fed, that has been reported at other web sites.

The reason behind these reports is the announcement by the Fed of a

 Advance Notice of a Meeting under Expedited Procedures... closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, June 7, 2010, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.


Meeting date: June 7, 2010

Matters to be Considered:

1.Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks.

I have reported on these meetings in the past. These "expedited' meetings are in fact regularly scheduled meetings of the Fed, where nothing of consequence generally takes place, and nothing of consequence is expected today.

Any web site giving the impression that anything else is going on is simply wrong.