FOMC Minutes

Meeting of Federal Open Market Committee

November 8,

1976

MINUTES OF ACTIONS

A meeting of the Federal Open Market Committee was

held on Monday, November 8,

of Chairman Burns.

1976, at

10:00 a.m.,

at the call

This was a telephone conference meeting,

and each individual was in Washington, D.

C.,

except as

otherwise indicated in parentheses in the following list of

those participating.

PARTICIPATING:

Mr. Burns, Chairman

Mr. Black

Mr. Coldwell

Mr. Gardner

Mr. Jackson

Mr. Kimbrel

Mr. Lilly

Mr. Partee

Mr. Wallich

Mr. Winn

Mr. Guffey, Alternate

for Mr. Balles

Mr. Timlen, Alternate

for Mr. Volcker

(Richmond)

(Dallas)

(Miami)

(Cincinnati)

(Kansas City)

(New York)

Mr. Baughman, Alternate Member of the

Federal Open Market Committee

(Dallas)

Mr. Broida, Secretary

Mr. Altmann, Deputy Secretary

Mr. Bernard, Assistant Secretary

Mr. O'Connell, General Counsel

Mr. Axilrod, Economist (Domestic

Finance)

Mr. Gramley, Economist (Domestic

Business)

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11/8/76

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Messrs. Davis (New York), Kichline,

Parthemos (Richmond), and

Zeisel, Associate Economists

Mr. Sternlight, Deputy Manager for

Domestic Operations

(New York)

Messrs. Coyne and Keir, Assistants

to the Board of Governors

Mr. Gemmill, Adviser, Division of

International Finance, Board

of Governors

Mrs. Farar, Economist, Open Market

Secretariat, Board of Governors

Mrs. Deck, Staff Assistant, Open

Market Secretariat, Board of

Governors

Mr. Doll, Senior Vice President,

Federal Reserve Bank of Kansas

City (Kansas City)

Messrs. Davis (Kansas City), Green

(Dallas), Snellings (Richmond),

and Willey (New York), Vice

Presidents, Federal Reserve

Banks of Kansas City, Dallas,

Richmond, and New York

respectively

By unanimous vote, the Committee adopted the

following ranges for rates of growth in monetary aggregates

for the period from the third quarter of 1976 to the third

quarter of 1977:

10 per cent;

M 1,

4-1/2 to 6-1/2 per cent;

M 2 , 7-1/2 to

and M 3 , 9 to 11-1/2 per cent.

The meeting adjourned.

Secretary