FOMC Minutes

Meeting of the Federal Open Market Committee

November 26, 1980

Minutes of Actions

A meeting of the Federal Open Market Committee was held on Wednesday,

November 26, 1980, at 12:20 p.m., at the call of Chairman Volcker.

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.

PRESENT:

Mr. Volcker, Chairman

Mr. Solomon, Vice Chairman

Mr. Gramley

Mr. Guffey

Mr. Morris

Mr. Partee

Mr. Rice

Mr. Schultz

Mrs. Teeters

Mr. Wallich

(New York)

(Kansas City)

(Boston)

Messrs. Baughman (Dallas), and Eastburn (Philadelphia),

Alternate Members of the Federal Open Market Committee

Messrs. Black (Richmond), Corrigan (New York), and Ford

(Atlanta), Presidents of the Federal Reserve Banks

of Richmond, Minneapolis, and Atlanta, respectively

Mr.

Mr.

Mr.

Mr.

Mr.

Altmann, Secretary

Bernard, Assistant Secretary

Petersen, General Counsel

Oltman (New York), Deputy General Counsel

Axilrod, Economist

Messrs. R. Davis (New York), T. Davis (Kansas City),

Eisenmenger (Boston), Ettin, Henry, Keir,

Kichline, and Truman, Associate Economists

Mr. Pardee (New York), Manager for Foreign Operations,

System Open Market Account

Mr. Sternlight (New York), Manager for Domestic

Operations, System Open Market Account

-2-

Mr. Coyne, Assistant to the Board of Governors

Mr. Beck, Senior Economist, Banking Section, Division of

Research and Statistics, Board of Governors

Mrs. Deck, Staff Assistant, Open Market Secretariat,

Board of Governors

Messrs. Boehne (Philadelphia), Brandt (Atlanta), Burns

(Dallas), Fousek (New York), and Parthemos (Richmond),

Senior Vice Presidents, Federal Reserve Banks of

Philadelphia, Atlanta, Dallas, New York, and

Richmond, respectively

With Mrs. Teeters dissenting, the Committee modified the domestic

policy directive adopted at its meeting on November 18, 1980, by increasing

the upper limit of the 13 to 17 percent range specified for the federal funds

rate to 18 percent.

The meeting adjourned.

Secretary