Federal Reserve Bank of New York president John Williams learnt a hard lesson over the past week: a survey doesn't reflect reality.
The Federal Reserve's markets pointman seemed to signal on Monday that the world's most powerful central bank may have erred in calculating the reserves needed for banks' day-to-day liquidity needs after a week of volatile trading in overnight funding markets.
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Robert writes on companies and markets. He is a former New York and Shanghai correspondent, and has worked in Hong Kong. Email Robert at robertguy@afr.com.au
