FOMC Minutes
Meeting of the Federal Open Market Committee
March 31, 1981
Minutes of Actions
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, March 31, 1981 at 9:00 a.m.
PRESENT:
Mr. Volcker, Chairman
Mr. Solomon, Vice Chairman
Mr. Boehne
Mr. Boykin
Mr. Corrigan
Mr. Partee
Mr. Rice
Mr. Schultz
Mrs. Teeters
Mr. Wallich
Messrs. Balles, Black, Ford, and Winn, Alternate Members of
the Federal Open Market Committee
Messrs. Guffey, Morris, and Roos, Presidents of the Federal
Reserve Banks of Kansas City, Boston, and St. Louis,
respectively
Mr. Axilrod, Staff Director
Mr. Altmann, Secretary
Mr. Bernard, Assistant Secretary
Mrs. Steele, Deputy Assistant Secretary
Mr. Petersen, General Counsel
Mr. Oltman, Deputy General Counsel
Mr. Mannion, Assistant General Counsel
Mr. Kichline, Economist
Messrs. Burns, Danforth, R. Davis, Ettin, Keir,
Mullineaux, Prell, Scheld, Truman, and Zeisel,
Associate Economists
Mr. Sternlight, Manager for Domestic Operations, System
Open Market Account
Mr. Coyne, Assistant to the Board of Governors
Mr. Siegman, Associate Director, Division of International
Finance, Board of Governors
Mr. Smith 1/, Assistant Director, Division of International
Finance, Board of Governors
1/
Entered the meeting prior to the action to amend the Authorization for
Foreign Currency Operations and left following the action to reaffirm
the agreement to "warehouse" foreign currencies.
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Mr. Doyle, First Vice President, Federal Reserve Bank of
Chicago
Messrs. Balbach, J. Davis, T. Davis, Eisenmenger, Keran,
Koch, and Parthemos, Senior Vice Presidents,
Federal Reserve Banks of St. Louis, Cleveland,
Kansas City, Boston, San Francisco, Atlanta, and
Richmond, respectively
Ms. Greene and Mr. Syron, Vice Presidents, Federal
Reserve Banks of New York and Boston, respectively
Ms. Lovett, Securities Trading Officer, 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 year commencing March 1, 1981, had been received by
the Secretary and the named individuals had executed their oaths of office.
The elected members and alternate membes were as follows:
Edward G. Boehne, President of the Federal Reserve Bank of Philadelphia, with
Robert P. Black, President of the Federal Reserve Bank of Richmond, as
alternate;
Anthony M. Solomon, President of the Federal Reserve Bank of New York, with
Thomas M. Timlen, First Vice President of the Federal Reserve Bank of
New York, as alternate;
Robert P. Mayo, President of the Federal Reserve Bank of Chicago, with Willis
J. Winn, President of the Federal Reserve Bank of Cleveland, as alternate;
Robert H. Boykin, President of the Federal Reserve Bank of Dallas, with
William F. Ford, President of the Federal Reserve Bank of Atlanta, as
alternate;
E. Gerald Corrigan, President of the Federal Reserve Bank of Minneapolis,
with John J. Balles, President of the Federal Reserve Bank of San
Francisco, 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 February 28, 1982, with the understanding
that in the event of the discontinuance of their official connection with the
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Board of Governors or with a Federal Reserve Bank, as the case might be, they
would cease to have any official connection with the Federal Open Market
Committee:
Paul A. Vocker
Anthony M. Solomon
Chairman
Vice Chairman
Stephen H. Axilrod
Murray A. Altmann
Normand R. V. Bernard
Nancy M. Steele
Neal L. Petersen
James H. Oltman
Robert E. Mannion
James L. Kichline
Alan R. Holmes
Staff Director
Secretary
Assistant Secretary
Deputy Assistant Secretary
General Counsel
Deputy General Counsel
Assistant General Counsel
Economist
Adviser for Market Operations
Joseph E. Burns, John P. Danforth,
Richard G. Davis, Edward E. Ettin,
George B. Henry, Peter M. Keir,
Donald J. Mullineaux, Michael J.
Prell, Karl A. Scheld, Edwin M.
Truman, Joseph S. Zeisel
Associate Economists
Secretary's note: On March 4, 1981, certain continuing
authorizations of the Committee listed below, had been
distributed by the Secretary with the advice that, in
accordance with procedures approved by the Committee,
they were being called to the Committee's attention
before the March organization meeting to give members
an opportunity to raise any questions they had concerning
them. Members were asked to so indicate if they wished
to have any of the authorizations in question placed on
the agenda for consideration at this meeting, and no
such requests were received.
The authorizations in question were as follows:
1.
Procedures for allocation of securities in the
System Open Market Account.
2.
List of Treasury Department officials to whom weekly
reports on open market operations may be sent.
3.
Authority for the Chairman to appoint a Federal
Reserve Bank as agent to operate the System Account
in case the New York Bank is unable to function.
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3/31/81
4.
Resolutions providing for continued operations of the
Committee and for certain actions by the Reserve Banks
during an emergency.
5.
Resolution relating to examinations of the System Open
Market Account.
6.
Guidelines for the conduct of System operations in
Federal agency issues.
7.
Regulation relating to Open Market Operations of Federal
Reserve Banks.
8.
Rules of Organization, Rules Regarding Availability of
Information, and Rules of Procedure.
By unanimous vote, the Federal Reserve Bank of New York was selected
to execute transactions for the System Open Market Account until the adjourn
ment of the first meeting of the Federal Open Market Committee after
February 28, 1982.
By unanimous vote, Peter D. Sternlight and Scott E. Pardee were
selected to serve at the pleasure of the Committee in the capacities of
Manager for Domestic Operations, System Opem Market Account, and Manager for
F reign Operations, System Open Market Account, respectively, on the under
standing that their selection was subject to their being satisfactory to the
Federal Reserve Bank of New York.
Secretary's note: Advice was subsequently received that
the selections indicated above were satisfactory to the
Federal Reserve Bank of New York.
By unanimous vote, the minutes of actions taken at the meetings
of the Federal Open Market Committee held on February 2-3, 1981, and
February 24, 1981, were approved.
By unanimous vote, System open market transactions in foreign
currencies during the period February 2 through March 30, 1981, were ratified.
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By unanimous vote the Authorization for Foreign Currency Operations
was amended to read as follows:
AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS
1. The Federal Open Market Committee authorizes and directs the Federal
Reserve Bank of New York, for System Open Market Account, to the extent
necessary to carry out the Committee's foreign currency directive and
express authorizations by the Committee pursuant thereto, and in conformity
with such procedural instructions as the Committee may issue from time to
time:
A. To purchase and sell the following foreign currencies in the form
of cable transfers through spot or foward transactions on the open market at
home and abroad, including transactions with the U. S. Treasury, with the
U. S. Exchange Stabilization Fund established by Section 10 of the Gold
Reserve Act of 1934, with foreign monetary authorities, with the Bank
for International Settlements, and with other international financial
institutions.
Austrian schillings
Belgian francs
Canadian dollars
Danish kroner
Pounds sterling
French francs
German marks
Italian lire
Japanese yen
Mexican pesos
Netherlands guilders
Norwegian kroner
Swedish kronor
Swiss francs
B. To hold balances of, and to have outstanding forward contracts to
receive or to deliver, the foreign currencies listed in paragraph A above.
C. To draw foreign currencies and to permit foreign banks to draw dollars
under the reciprocal currency arrangements listed in paragraph 2 below,
provided that drawings by either party to any such arrangement shall be
fully liquidated within 12 months after any amount outstanding at that time
was first drawn, unless the Committee, because of exceptional circumstances,
specifically authorizes a delay.
D. To maintain an overall open position in all foreign currencies not
exceeding $8.0 billion. For this purpose, the overall open position in all
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foreign currencies is defined as the sum (disregarding signs) of net posi
tions in individual currencies. The net position in a single foreign
currency is defined as holdings of balances in that currency, plus out
standing contracts for future receipt, minus outstanding contracts for
future delivery of that currency, i.e., as the sum of these elements
with due regard to sign.
2. The Federal Open Market Committee directs the Federal Reserve Bank of
New York to maintain reciprocal currency arrangements ("swap" arrangements)
for the System Open Market Account for periods up to a maximum of 12 months
with the following foreign banks, which are among those designated by the
Board of Governors of the Federal Reserve System under Section 214.5 of
Regulation N, Relations with Foreign Banks and Bankers, and with the approval
of the Committee to renew such arrangements on maturity:
Foreign bank
Amount of arrangement
(millions of dollars
equivalent)
Austrian National Bank
National Bank of Belgium
Bank of Canada
National Bank of Denmark
Bank of England
250
1,000
2,000
250
3,000
Bank of France
German Federal Bank
Bank of Italy
Bank of Japan
Bank of Mexico
Netherlands Bank
2,000
6,000
3,000
5,000
700
500
Bank of Norway
Bank of Sweden
Swiss National Bank
Bank for International Settlements:
Dollars against Swiss francs
Dollars against authorized European
currencies other than Swiss francs
250
500 1/
4,000
600
1,250
Any changes in the terms of existing swap arrangements, and the proposed
terms of any new arrangements that may be authorized, shall be referred
for review and approval to the Committee.
1/
Pursuant to an action taken by the Committee on May 20, 1980, the amount
of the reciprocal currency arrangement with the Bank of Sweden was
raised to $500 million, effective May 23, 1980, for a period of one
year, after which it will revert to its former level of $300 million.
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3. All transactions in foreign currencies undertaken under paragraph
1(A) above shall, unless otherwise expressly authorized by the Committee,
For the purpose of providing an investment
be at prevailing market rates.
return on System holdings of foreign currencies, or for the purpose of
adjusting interest rates paid or received in connection with swap drawings,
transactions with foreign central banks may be undertaken at non-market
exchange rates.
4.
It shall be the normal practice to arrange with foreign central banks
In making operating
for the coordination of foreign currency transactions.
arrangements with foreign central banks on System holdings of foreign
currencies, the Federal Reserve Bank of New York shall not commit itself
to maintain any specific balance, unless authorized by the Federal Open
Market Committee. Any agreements or understandings concerning the
administration of the accounts maintained by the Federal Reserve Bank of
New York with the foreign banks designated by the Board of Governors under
Section 214.5 of Regulation N shall be referred for review and approval to
the Committee.
5. Foreign currency holdings shall be invested insofar as practicable,
considering needs for minimum working balances.
Such investments shall be
in liquid form, and generally have no more than 12 months remaining to
maturity. When appropriate in connection with arrangements to provide
investment facilities for foreign currency holdings, U. S. Government
securities may be purchased from foreign central banks under agreements
for repurchase of such securities within 30 calendar days.
6. All operations undertaken pursuant to the preceding paragraphs shall
be reported promptly to the Foreign Currency Subcommittee and the Committee.
The Foreign Currency Subcommittee consists of the Chairman and Vice Chairman
of the Committee, the Vice Chairman of the Board of Governors, and such other
member of the Board as the Chairman may designate (or in the absence of
members of the Board serving on the Subcommittee, other Board Members
designated by the Chairman as alternates, and in the absence of the Vice
Chairman of the Committee, his alternate).
Meetings of the Subcommittee
shall be called at the request of any member, or at the request of the
Manager for Foreign Operations for the purposes of reviewing recent or
contemplated operations and of consulting with the Manager on other
matters relating to his responsibilities.
At the request of any member
of the Subcommittee, questions arising from such reviews and consultations
shall be referred for determination to the Federal Open Market Committee.
7.
The Chairman is authorized:
A. With the approval of the Committee, to enter into any needed
agreement or understanding with the Secretary of the Treasury about the
division of responsibility for foreign currency operations between the
System and the Treasury;
B. To keep the Secretary of the Treasury fully advised concerning
System foreign currency operations, and to consult with the Secretary on
policy matters relating to foreign currency operations;
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C. From time to time, to transmit appropriate reports and information
to the National Advisory Council on International Monetary and Financial
Policies.
8. Staff officers of the Committee are authorized to transmit pertinent
information on System foreign currency operations to appropriate officials
of the Treasury Department.
9. All Federal Reserve Banks shall participate in the foreign currency
operations for System Account in accordance with paragraph 3 G(1) of the
Board of Governors' Statement of Procedure with Respect to Foreign
Relationships of Federal Reserve Banks dated January 1, 1944.
By unanimous vote, the Foreign Currency Directive shown below was
reaffirmed:
FOREIGN CURRENCY DIRECTIVE
1. System operations in foreign currencies shall generally be directed at
countering disorderly market conditions, provided that market exchange rates
for the U. S. dollar reflect actions and behavior consistent with the IMF
Article IV, Section 1.
2.
To achieve this end the System shall:
A.
Undertake spot and forward purchases and sales of foreign exchange.
B. Maintain reciprocal currency ("swap") arrangements with selected
foreign central banks and with the Bank for International Settlements.
C. Cooperate in other respects with central banks of other countries
and with international monetary institutions.
3.
Transactions may also be undertaken:
A. To adjust System balances in light of probable future needs for
currencies.
B. To provide means for meeting System and Treasury commitments in
particular currencies, and to facilitate operations of the Exchange
Stabilization Fund.
C. For such other purposes as may be expressly authorized by the
Committee.
4.
System foreign currency operations shall be conducted:
A. In close and continuous consultation and cooperation with the United
States Treasury;
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B.
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In cooperation, as appropriate, with foreign monetary authorities;
and
C. In a manner consistent with the obligations of the United States
in the International Monetary Fund regarding exchange arrangements under the
IMF Article IV.
By unanimous vote, the Procedural Instructions with respect to
Foreign Currency Operations shown below were reaffirmed:
PROCEDURAL INSTRUCTIONS WITH RESPECT TO
FOREIGN CURRENCY OPERATIONS
In conducting operations pursuant to the authorization and direction
of the Federal Open Market Committee as set forth in the Authorization for
Foreign Currency Operations and the Foreign Currency Directive, the Federal
Reserve Bank of New York, through the Manager for Foreign Operations, System
Open Market Account, shall be guided by the following procedural understandings
with respect to consultations and clearance with the Committee, the Foreign
Currency Subcommittee, and the Chairman of the Committee. All operations
undertaken pursuant to such clearances shall be reported promptly to the
Committee.
1. The Manager for Foreign Operations shall clear with the Subcommittee
(or with the Chairman, if the Chairman believes that consultation with
the Subcommittee is not feasible in the time available):
A. Any operation that would result in a change in the System's overall
open position in foreign currencies exceeding $300 million on any day or
$600 million since the most recent regular meeting of the Committee.
B. Any operation that would result in a change on any day in the
System's net position in a single foreign currency exceeding $150 million,
or $300 million when the operation is associated with repayment of swap
drawings.
C. Any operation that might generate a substantial volume of trading
in a particular currency by the System, even though the change in the System's
net position in that currency might be less than the limits specified in 1B.
D. Any swap drawing proposed by a foreign bank not exceeding the
larger of (i) $200 million or (ii) 15 percent of the size of the swap arrange
ment.
2. The Manager for Foreign Operations shall clear with the Committee (or
with the Subcommittee, if the Subcommittee believes that consultation with
the full Committee is not feasible in the time available, or with the Chair
man, if the Chairman believes that consultation with the Subcommittee is
not feasible in the time available):
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A. Any operation that would result in a change in the System's overall
open position in foreign currencies exceeding $1.5 billion since the most
recent regular meeting of the Committee.
B. Any swap drawing proposed by a foreign bank exceeding the larger
of (i) $200 million or (ii) 15 percent of the size of the swap arrangement.
3. The Manager for Foreign Operations shall also consult with the Sub
committee or the Chairman about proposed swap drawings by the System, and
about any operations that are not of a routine character.
By unanimous vote, the Committee reaffirmed the agreement of
January 17, 1977, to "warehouse" foreign currencies for the Exchange Stabili
zation Fund and for the Treasury on the terms agreed upon by the Committee at
its meeting on March 18, 1980, with the understanding that the agreement would
be subject to annual review.
By unanimous vote, System open market transactions in Government
securities, agency obligations, and bankers acceptances during the period
February 2 through March 30, 1981, were ratified.
By unanimous vote, the Authorization for Domestic Open Market
Operations shown below was reaffirmed:
AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS
1. The Federal Open Market Committee authorizes and directs the Federal
Reserve Bank of New York, to the extent necessary to carry out the most
recent domestic policy directive adopted at a meeting of the Committee:
(a) To buy or sell U. S. Government securities, including securities
of the Federal Financing Bank, and securities that are direct obligations
of, or fully guaranteed as to principal and interest by, any agency of
the United States in the open market, from or to securities dealers and
foreign and international accounts maintained at the Federal Reserve Bank
of New York, on a cash, regular, or deferred delivery basis, for the System
Open Market Account at market prices, and, for such Account, to exchange
maturing U. S. Government and Federal agency securities with the Treasury or
the individual agencies or to allow them to mature without replacement;
provided that the aggregate amount of U. S. Government and Federal agency
securities held in such Account (including forward commitments) at the
close of business on the day of a meeting of the Committee at which action
is taen with respect to a domestic policy directive shall not be
increased or decreased by more than $3.0 billion during the period com
mencing with the opening of business on the day following such meeting and
ending with the close of business on the day of the next such meeting;
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(b) When appropriate, to buy or sell in the open market, from or
dealers and foreign accounts maintained at the Federal
acceptance
to
Reserve Bank of New York, on a cash, regular, or deferred delivery basis,
for the account of the Federal Reserve Bank of New York at market discount
rates, prime bankers acceptances with maturities of up to nine months at
the time of acceptance that (1) arise out of the current shipment of
goods between countries or within the United States, or (2) arise out
of the storage within the United States of goods under contract of sale or
expected to move into the channels of trade within a reasonable time and
that are secured throughout their life by a warehouse receipt or similar
document conveying title to the underlying goods; provided that the
aggregate amount of bankers acceptances held at any one time shall not
exceed $100 million;
(c) To buy U. S. Government securities, obligations that are direct
obligations of, or fully guaranteed as to principal and interest by, any
agency of the United States, and prime bankers acceptances of the types
authorized for purchase under 1(b) above, from dealers for the account of
the Federal Reserve Bank of New York under agreements for repurchase of
such securities, obligations, or acceptances in 15 calendar days or less,
at rates that, unless otherwise expressly authorized by the Committee,
shall be determined by competitive bidding, after applying reasonable
limitations on the volume of agreements with individual dealers; provided
that in the event Government securities or agency issues covered by any
such agreement are not repurchased by the dealer pursuant to the agreement
or a renewal thereof, they shall be sold in the market or transferred to the
System Open Market Account; and provided further that in the event bankers
acceptances covered by any such agreement are not repurchased by the seller,
they shall continue to be held by the Federal Reserve Bank or shall be sold
in the open market.
2. The Federal Open Market Committee authorizes and directs the Federal
Reserve Bank of New York (or, under special circumstances, such as when the
New York Reserve Bank is closed, any other Federal Reserve Bank) (a) to
lend to the Treasury such amounts of securities held in the System Open
Market Account as may be necesary from time to time for the temporary
accommodation of the Treasury, under such conditions as the Committee may
specify; and (b) to purchase directly from the Treasury for renewable
periods not to exceed thirty days, when authorized by the Board of
Governors of the Federal Reserve System pursuant to an affirmative vote of
not less than five members, for its own account (with discretion, in cases
where it seems desirable, to issue participations to one or more Federal
Reserve Banks) such amounts of special short-term certificates of indebted
ness as may be necessary from time to time for the temporary accommodation
of the Treasury, provided that the rate charged on such certificates shall
be a rate 1/4 of 1 percent below the discount rate of the Federal Reserve
Bank of New York at the time of such purchases and provided that the total
amount of such certificates held at any one time by the Federal Reserve
Banks shall not exceed $2 billion.
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3. In order to ensure the effective conduct of open market operations,
the Federal Open Market Committee authorizes and directs the Federal
Reserve Banks to lend U. S. Government securities held in the System Open
Market Account to Government securites dealers and to banks participating
in Government securities clearing arrangements conducted through a Federal
Reserve Bank, under such instructions as the Committee may specify from
time to time.
4.
In order to ensure the effective conduct of open market operations,
while assisting in the provision of short-term investments for foreign and
international accounts maintained at the Federal Reserve Bank of New York,
the Federal Open Market Committee authorizes and directs the Federal Reserve
Bank of New York (a) for System Open Market Account, to sell U. S. Govern
ment securities to such foreign and international accounts on the bases
set forth in paragraph 1(a) under agreements providing for the resale by
such accounts of those securities within 15 calendar days on terms com
parable to those available on such transactions in the market; and (b)
for New York Bank account, when appropriate, to undertake with dealers,
subject to the conditions imposed on purchases and sales of securities in
paragraph 1(c), repurchase agreements in U. S. Government and agency
securities, and to arrange corresponding sale and repurchase agreements
between its own account and foreign and international accounts maintained
at the Bank. Transactions undertaken with such accounts under the pro
visions of this paragraph may provide for a service fee when appropriate.
It was agreed that the authorization for the lending of Government
securities from the System Open Market Account, contained in paragraph 3 of
the Authorization for Domestic Open Market Operations, should be retained at
this time, subject to annual review.
With Mr. Wallich dissenting, the Federal Reserve Bank of New York
was authorized and directed, until otherwise directed by the Committee, to
execute transactions in the System Account in accordance with the following
domestic policy directive:
The information reviewed at this meeting suggests that
real GNP,expanded substantially in the first quarter of 1981,
but there were signs of a slowing of the expansion in economic
activity during the quarter; prices on the average continued
to rise rapidly. While retail sales advanced appreciably
over the first two months of the year, industrial production
declined in February after three months of diminishing gains
and housing starts dropped from the moderate pace that had
prevailed during the preceding six months. Nonfarm payroll
employment changed little in February following a large in
crease in January; the unemployment rate, at 7.3 percent,
was essentially unchanged. Over the first two months of 1981,
the rise in the index of average hourly earnings was little
changed from the rapid pace recorded during 1980.
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The weighted average value of the dollar against major
foreign currencies rose further following the Committee's
meeting in early February to a peak at midmonth but subse
quently declined somewhat on balance. Short-term interest
rates in continental European countries have risen appreciably
since mid-February, absolutely and in relation to interest
rates on dollar-denominated assets. The U.S. trade deficit in
January and February was at about the average monthly rate of
the final quarter of 1980.
M-1A and M-1B, adjusted for the estimated effects of
shifts into NOW accounts, changed little over the first two
months of the year but expanded substantially in the first
half of March. Growth in M-2 accelerated in the course.of
the quarter and partial data suggest considerable strength
in March, in part because of large flows into money market
mutual funds. On balance since early February, short-term
market interest rates have fallen substantially while longer
term market rates have risen somewhat.
The Federal Open Market Committee seeks to foster monetary
and financial conditions that will help to reduce inflation,
encourage economic recovery, and contribute to a sustainable
pattern of international transactions. At its meeting in early
February, the Committee agreed that these objectives would be
furthered by growth of M-1A, M-1B, M-2, and M-3 from the fourth
quarter of 1980 to the fourth quarter of 1981 within ranges of
3 to 5-1/2 percent, 3-1/2 to 6 percent, 6 to 9 percent, and
6-1/2 to 9-1/2 percent respectively, abstracting from the im
pact of introduction of NOW accounts on a nationwide basis.
The associated range for bank credit was 6 to 9 percent. These
ranges will be reconsidered as conditions warrant.
In the short-run the Committee seeks behavior of reserve
aggregates consistent with growth in M-1B from March to June
at an annual rate of 5-1/2 percent or somewhat less, after
allowance for the impact of flows into NOW accounts, and growth
in M-2 at an annual rate of about 10-1/2 percent. It is
recognized that shifts into NOW accounts will continue to
distort measured growth in M-1B to an unpredictable extent,
and operational reserve paths will be developed in the
light of evaluation of those distortions. If it appears
during the period before the next meeting that fluctuations
in the federal funds rate, taken over a period of time,
within a range of 13 to 18 percent are likely to be incon
sistent with the monetary and related reserve paths, the
Manager for Domestic Operations is promptly to notify the
Chairman, who will then decide whether the situation calls
for supplementary instructions from the Committee.
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3/31/81
14
It was agreed that the next meeting of the Federal Open Market
Committee would be held on Tuesday, May 19, 1981, at 9:30 a.m.
The meeting adjourned.
Secretary
Cite this document
Federal Reserve (1981, March 30). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19810331
@misc{wtfs_fomc_minutes_19810331,
author = {Federal Reserve},
title = {FOMC Minutes},
year = {1981},
month = {Mar},
howpublished = {Fomc Minutes, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/fomc_minutes_19810331},
note = {Retrieved via When the Fed Speaks corpus}
}