Academic journal article Federal Reserve Bulletin

Minutes of the Federal Open Market Committee Meeting on February 3-4, 1994

Academic journal article Federal Reserve Bulletin

Minutes of the Federal Open Market Committee Meeting on February 3-4, 1994

Article excerpt

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Thursday, February 3,1994, at 2:30 p.m. and was continued on Friday, February 4, 1994. at 9:00 a.m.

Present: Mr. Greenspan, Chairman Mr. McDonough, Vice Chairman Mr. Broaddus Mr. Forrestal Mr. Jordan Mr. Kelley Mr. LaWare Mr. Lindsey Mr. Parry Ms. Phillips

Messrs. Hoenig, Keehn, Melzer, Oltman,(1) and Syron, Alternate Members of the Federal Open Market Committee

Messrs. Boehne, McTeer, and Stern, Presidents of the Federal Reserve Banks of Philadelphia, Dallas, and Minneapolis respectively

Mr. Kohn, Secretary and Economist Mr. Bernard, Deputy Secretary Mr. Coyne, Assistant Secretary Mr. Gillum, Assistant Secretary Mr. Mattingly, General Counsel Mr. Prell, Economist Mr. Truman, Economist

Messrs. Beebe, J. Davis, R. Davis, Goodfriend, Lindsey, Promisel, Siegman, Simpson, Stockton, and Ms. Tschinkel, Associate Economists

Ms. Lovett, Manager for Domestic Operations, System Open Market Account

Mr. Fisher, Manager for Foreign Operations, System Open Market Account

Mr. Ettin, Deputy Director, Division of Research and Statistics, Board of Governors

Mr. Slifman, Associate Director, Division of Research and Statistics, Board of Governors

Mr. Madigan, Associate Direct, Division of Monetary Affairs, Board of Governors

Mr. Hooper, Assistant Director, Divison of International Finance, Board of Governors(1)

Mr. Reinhart, Section Chief, Division of Monetary Affairs, Board of Governors(2)

Mr. Rosine, Senior Economist, Division of Research and Statistics, Board of Governors(2)

Ms. Low, Open Market Secretariat Assistant, Division of Monetary Affairs, Board of Governors

Messrs. T. Davis, Dewald, Lang, Rolnick, Rosenblum, and Scheld, Senior Vice Presidents, Federal Reserve Banks of Kansas City, St. Louis, Philadelphia, Minneapolis, Dallas, and Chicago respectively

Mr. McNees, Vice President, Federal Reserve Bank of Boston

Ms. Krieger, Assistant Vice President, Federal Reserve Bank of New York

In the agenda for this meeting, it was reported that advices of the election of the following members and alternate members of the Federal Open Market Committee for the period commencing January 1, 1994, and ending December 31, 1994, had been received and that the named individuals had executed their oaths of office.

The elected members and alternate members were as follows:

William J. McDonough, President of the Federal Reserve Bank of New York, with James H. Oltman, First Vice President of the Federal Reserve Bank of New York, as alternate;

J. Alfred Broaddus, Jr., President of the Federal Reserve Bank of Richmond, with Richard F. Syron, President of the Federal Reserve Bank of Boston, as alternate;

Jerry L. Jordan, President of the Federal Reserve Bank of Cleveland, with Silas Keehn, President of the Federal Reserve Bank of Chicago, as alternate;

Robert P. Forrestal, President of the Federal Reserve Bank of Atlanta, with Thomas C. Melzer, President of the Federal Reserve Bank of St. Louis, as alternate;

Robert T. Parry, President of the Federal Reserve Bank of San Francisco, with Thomas M. Hoenig, President of the Federal Reserve Bank of Kansas City, as alternate.

By unanimous vote, the following officers of the Federal Open Market Committee were elected to serve until the election of their successors at the first meeting of the Committee after December 31, 1994, with the understanding that in the event of the discontinuance of their official connection with the Board of Governors or with a Federal Reserve Bank, they would cease to have any official connection with the Federal Open Market Committee:

Alan Greenspan Chairman William J. McDonough Vice Chairman

Donald L. …

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