Academic journal article Federal Reserve Bulletin

Minutes of the Federal Open Market Committee Meeting Held on December 20, 1994

Academic journal article Federal Reserve Bulletin

Minutes of the Federal Open Market Committee Meeting Held on December 20, 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 Tuesday, December 20, 1994, at 9:00 a.m.

Present:

Mr. Greenspan, Chairman

Mr. McDonough, Vice Chairman

Mr. Blinder

Mr. Broaddus

Mr. Forrestal

Mr. Jordan

Mr. Kelley

Mr. LaWare

Mr. Lindsey

Mr. Parry

Ms. Phillips

Ms. Yellen

Messrs. Hoenig, Melzer, and Moskow and Ms. Minehan, Alternate Members of the Federal Open Market Committee

Messrs. Boehne,(1) 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. Coyne, Assistant Secretary

Mr. Gillum, Assistant Secretary

Mr. Mattingly, General Counsel

Mr. Patrikis, Deputy General Counsel

Mr. Prell, Economist

Mr. Truman, Economist

Messrs. Beebe, Goodfriend, Lindsey, Mishkin, Promisel, Siegman, Simpson, Sniderman, and 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. Madigan, Associate Director, Division of Monetary Affairs, Board of Governors

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

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

Messrs. Davis, Lang, Rolnick, and Rosenblum, Senior Vice Presidents, Federal Reserve Banks of Kansas City, Philadelphia, Minneapolis, and Dallas respectively

Messrs. Gavin and McNees, Vice Presidents, Federal Reserve Banks of St. Louis and Boston respectively

Mr. Kuttner, Assistant Vice President, Federal Reserve Bank of Chicago

Mr. Hilton, Manager, Open Market Operations, Federal Reserve Bank of New York

By unanimous vote, the minutes of the meeting of the Federal Open Market Committee held on November 15, 1994, were approved.

By unanimous vote, the Committee elected Mark S. Sniderman as Associate Economist from the Federal Reserve Bank of Cleveland to serve until the next election at the first meeting of the Committee after December 31, 1994, with the understanding that in the event he discontinued his official connection with the Federal Reserve Bank of Cleveland, he would cease to have any official connection with the Federal Open Market Committee.

The Manager for Foreign Operations reported on developments in foreign exchange markets since the November meeting. There were no System open market transactions in foreign currencies during this period, and thus no vote was required of the Committee.

The Manager for Domestic Operations reported on developments in domestic financial markets and on System open market transactions in government securities and federal agency obligations during the period November 15, 1994, through December 19, 1994. By unanimous vote, the Committee ratified these transactions.

The Committee then turned to a discussion of the economic and financial outlook and the implementation of monetary policy over the intermeeting period ahead. A summary of the economic and financial information available at the time of the meeting and of the Committee's discussion is provided below, followed by the domestic policy directive that was approved by the Committee and issued to the Federal Reserve Bank of New York.

The information reviewed at this meeting suggested a further pickup in economic growth in recent months. Consumer spending, supported by strong expansion of employment and income and by buoyant consumer sentiment, remained robust. …

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