Academic journal article Federal Reserve Bulletin

Minutes of the Federal Open Market Committee Meeting Held on September 29, 1998

Academic journal article Federal Reserve Bulletin

Minutes of the Federal Open Market Committee Meeting Held on September 29, 1998

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, September 29, 1998, at 9:00 a.m.

Present:

   Mr. Greenspan, Chairman

   Mr. McDonough, Vice Chairman

   Mr. Ferguson

   Mr. Gramlich

   Mr. Hoenig

   Mr. Jordan

   Mr. Kelley

   Mr. Meyer

   Ms. Minehan

   Mr. Poole

   Ms. Rivlin

   Messrs. Boehne, McTeer, Moskow, and Stern, Alternate Members of the Federal
   Open Market Committee

   Messrs. Broaddus, Guynn, and Parry, Presidents of the Federal Reserve Banks
   of Richmond, Atlanta, and San Francisco respectively

   Mr. Kohn, Secretary and Economist

   Mr. Bernard, Deputy Secretary

   Ms. Fox, Assistant Secretary

   Mr. Gillum, Assistant Secretary

   Mr. Mattingly, General Counsel

   Mr. Baxter, Deputy General Counsel

   Mr. Truman, Economist

   Messrs. Cecchetti, Dewald, Hakkio, Lindsey, Simpson, Sniderman, and
   Stockton, Associate Economists

   Mr. Fisher, Manager, System Open Market Account

   Mr. Winn, Assistant to the Board, Office of Board Members, Board of
   Governors(1)

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

   Messrs. Madigan and Slifman, Associate Directors, Divisions of Monetary
   Affairs and Research and Statistics respectively, Board of Governors

   Messrs. Alexander, Hooper, and Ms. Johnson, Associate Directors, Division
   of International Finance, Board of Governors

   Mr. Reinhart, Deputy Associate Director, Division of Monetary Affairs,
   Board of Governors

   Mr. Struckmeyer, Assistant Director, Division of Research and Statistics,
   Board of Governors

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

   Messrs. Spillenkothen and Parkinson,(2) Director. Division of Supervision
   and Regulation, and Associate Director, Division of Research and Statistics
   respectively, Board of Governors

   Mr. Connolly, First Vice President, Federal Reserve Bank of Boston

   Messrs. Eisenbeis, Goodfriend, Hunter, Kos, Lang, and Roinick, Senior Vice
   Presidents, Federal Reserve Banks of Atlanta, Richmond, Chicago, New York,
   Philadelphia, and Minneapolis respectively

   Messrs. Judd and Rosengren, Vice Presidents, Federal Reserve Banks of San
   Francisco and Boston respectively

   Ms. Yucel, Research Officer, Federal Reserve Bank of Dallas

By unanimous vote, the minutes of the meeting of the Federal Open Market Committee held on August 18, 1998, were approved.

The Manager of the System Open Market Account reported on recent developments in foreign exchange markets. There were no open market operations in foreign currencies for the System's account in the period since the previous meeting, and thus no vote was required of the Committee.

The Manager also reported on developments in domestic financial markets and on System open market transactions in government securities and federal agency obligations during the period August 18, 1998, through September 28, 1998. 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 that economic activity was expanding at a moderate rate. Growth of private domestic final demand had slowed from its pace in the first half of the year, though it was still relatively robust, and reduced spending on U.S. exports and rising import competition were exerting appreciable restraint on overall activity, as was a slowing in inventory investment. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.