Federal Reserve policy makers were tightening credit conditions in the weeks before last month's stock market plunge, according to minutes released today.

The recession and continuing tight credit conditions have all but ruled out most speculative development, people in the industry say.

Especially since the early 2000s, Moody's frequently makes its analysts available to journalists, and issues regular public statements on credit conditions.

But the tactic may prove more effective in the long-term, whether or not the Fed eases credit conditions.

"Many of our members and their customers have suffered from increasingly stringent credit conditions."

Under some circumstances, such a move might indicate that the Fed was taking steps to tighten credit conditions.

The reasons that the Fed has for tightening credit conditions are still there.

Comparing credit conditions across borders and choosing the best offer will now become much easier than before.

Dealers pushed secondary bill issues higher last week on the belief that the Fed was not about to ease credit conditions.

Indeed, a few may argue that a move to ease credit conditions is warranted.