fomc minutes · March 28, 1988

FOMC Minutes

Meeting of the Federal Open Market Committee

March 29, 1988

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 29, 1988 at 9:00 a.m.

PRESENT:

Mr.

Ms.

Greenspan, Chairman

Corrigan, Vice Chairman

Angell

Black

Forrestal

Heller

Hoskins

Johnson

Kelley

Parry

Seger

Messrs. Guffey, Keehn, Melzer, and Morris, Alternate Members

of the Federal Open Market Committee

Messrs. Boehne, Boykin, and Stern, Presidents of the Federal

Reserve Banks of Philadelphia, Dallas, and Minneapolis,

respectively

Kohn, Secretary and Economist

Bernard, Assistant Secretary

Patrikis, Deputy General Counsel

Prell, Economist

Truman, Economist

Messrs. Broaddus, J. Davis, R. Davis, Lindsey, Siegman,

and Slifman, Associate Economists

Mr. Sternlight, Manager for Domestic Operations, System

Open Market Account

Mr. Cross, Manager for Foreign Operations, System

Open Market Account

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Mr. Coyne, Assistant to the Board of Governors

Mr. Promisel, Senior Associate Director, Division of

International Finance, Board of Governors

Mr. Whitesell, Economist, Division of Monetary Affairs,

Board of Governors

Ms. Low, Open Market Secretariat Assistant, Division of

Monetary Affairs, Board of Governors

Messrs. Balbach, T. Davis, Lang, Rosenblum, and Scheld,

Senior Vice Presidents, Federal Reserve Banks of

St. Louis, Kansas City, Philadelphia, Dallas, and

Chicago, respectively

Messrs. Fieleke and Judd, Vice President, Federal Reserve

Banks of Boston and San Francisco

Ms. Rosenbaum and Mr. Weber, Research Officers, Federal

Reserve Banks of Atlanta and Minneapolis

Ms. Meulenydke, Manager, 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, 1988, had been received

and the named individuals had executed their oaths of office.

The elected members and alternate members were as follows:

E. Gerald Corrigan, 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. Black, President of the Federal Reserve Bank of Richmond, with

Frank E. Morris, President of the Federal Reserve Bank of Boston,

as alternate;

W. Lee Hoskins, President of the Federal Reserve Bank of Cleveland, with

Silas Keehn, President of the Federal Reserve Bank of Chicago,

as alternate;

Robert P. Forrestal, President of the Federal Reserve Bank of Atlanta, with

Thomas C. Melzer, President of the Federal Reserve Bank of St. Louis,

as alternate;

Robert T. Parry, President of the Federal Reserve Bank of San Francisco, with

Roger Guffey, President of the Federal Reserve Bank of Kansas City,

as alternate.

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3/29/88

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, 1989, with the understanding

that in the event of the discontinuance of their official connection with the

Board of Governors or with a Federal Reserve Bank, they would cease to have

any official connection with the Federal Open Market Committee:

Alan Greenspan

E. Gerald Corrigan

Chairman

Vice Chairman

Donald L. Kohn

Normand R. V. Bernard

Rosemary R. Loney

Michael Bradfield

Secretary and Economist

Assistant Secretary

Deputy Assistant Secretary

General Counsel

Ernest T. Patrikis

Deputy General Counsel

Michael J. Prell

Edwin M. Truman

Economist

John H. Beebe, J. Alfred Broaddus, Jr.,

John M. Davis, Richard G. Davis,

David E. Lindsey, Charles J. Siegman,

Thomas D. Simpson, Lawrence Slifman,

and Sheila Tschinkel

Associate Economists

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 Committee after February 28, 1989.

By unanimous vote, Peter D. Sternlight and Sam Y. Cross were

selected to serve at the pleasure of the Committee in the capacities of

Manager for Domestic Operations, System Open Market Account, and Manager for

Foreign 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 subseqently received

that the selections indicated above were satisfactory

to the board of directors of the Federal Reserve Bank

of New York.

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On March 3, 1988, the continuing

Secretary's note:

rules, regulations, authorizations, and other instruments

of the Committee listed below had been distributed with

the advice that, in accordance with procedures approved

by the Committee, they were being called to the Committee's

attention before the March 29 organization meeting to

give members an opportunity to raise any questions they

might have concerning them. Members were asked to so

indicate if they wished to have any of the instruments

in question placed on the agenda for consideration at

this meeting, and no such requests were received except

for the "Program for Security of FOMC Information"

(item 9). Accordingly, all of the other instruments

(items 1 through 8 below) remained in effect in their

existing forms.

Procedures for allocation of securities in the

System Open Market Account.

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.

Resolutions providing for the continued operation of the

Committee and for certain actions by the Reserve Banks

during an emergency.

Resolution relating to examinations of the System Open

Market Account.

Guidelines for the conduct of System operations in

Federal agency issues.

Regulation relating to Open Market Operations of Federal

Reserve Banks.

Rules of Organization, Rules Regarding Availability of

Information, and Rules of Procedure.

Agreement with the U.S. Treasury to Warehouse Foreign

Currencies.

Program for Security of FOMC Information.

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3/29/88

By unanimous vote the Authorization for Domestic Open Market Operations

shown below was reaffirmed:

AUTHORIZATION FOR DOMESTIC OPEN MARKET OPERATIONS

Reaffirmed March 29, 1988

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 taken with respect to a domestic policy directive shall not be

increased or decreased by more than $6.0 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;

(b) When appropriate, to buy or sell in the open market, from or

to acceptance dealers and foreign accounts maintained at the Federal

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;

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

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3/29/88

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. 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 securities 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.

3. 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.

By unanimous vote the Authorization for Foreign Currency Operations

shown below was reaffirmed:

AUTHORIZATION FOR FOREIGN CURRENCY OPERATIONS

Reaffirmed March 29, 1988

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:

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A. To purchase and sell the following foreign currencies in the form of

cable transfers through spot or forward 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 $12.0 billion. For this purpose, the overall open position in all

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:

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Foreign bank

Austrian National Bank

National Bank of Belgium

Bank of Canada

National Bank of Denmark

Bank of England

Bank of France

German Federal Bank

Bank of Italy

Bank of Japan

Bank of Mexico

Netherlands Bank

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

Amount of arrangement

(millions of dollars

equivalent)

250

1,000

2,000

250

3,000

2,000

6,000

3,000

5,000

700

500

250

300

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.

3. All transactions in foreign currencies undertaken under paragraph

1(A) above shall, unless otherwise expressly authorized by the Committee,

be at prevailing market rates. For the purpose of providing an investment

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

for the coordination of foreign currency transactions. In making operating

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.

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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.

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;

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.

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By unanimous vote, the Foreign Currency Directive shown below was

reaffirmed:

FOREIGN CURRENCY DIRECTIVE

Reaffirmed March 29, 1988

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.

To achieve this end the System shall:

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.

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.

System foreign currency operations shall be conducted:

A. In close and continuous consultation and cooperation with the United

States Treasury;

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 Aticle IV.

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- 11 By unanimous vote, the Procedural Instructions with respect to

Foreign Currency Operations shown below were reaffirmed:

PROCEDURAL INSTRUCTIONS WITH RESPECT TO

FOREIGN CURRENCY OPERATIONS

Reaffirmed March 29, 1988

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 lB.

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):

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.

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.

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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, updating changes in the "Program for Security

of FOMC Information" were approved.

By unanimous vote, responsibility for making determinations with

respect to appeals of denial of access to Committee records under the

provisions of 271.4(d) of the Committee's Rules Regarding Availability of

Information was delegated to Mr. Angell, and in the absence of Mr. Angell,

to Ms. Seger

The Report of Examination of the System Open Market Account, made

by the Board's Division of Federal Reserve Bank Operations as of the close

of business August 31, 1987, was accepted.

By unanimous vote, the minutes of actions taken at the meeting of

the Federal Open Market Committee held on February 9-10, 1988, were approved.

By unanimous vote, System open market transactions in foreign

currencies during the period February 10 through March 28, 1988, were ratified.

By unanimous vote, System open market transactions in government

securities and agency obligations during the period February 10 through

March 28, 1988, were ratified.

By unanimous vote, paragraph 1(a) of the Authorization for Domestic

Open Market Operations was amended to raise from $6 billion to $10 billion

the dollar limit on intermeeting changes in System Account holdings of U.S.

government and federal agency securities for the intermeeting period ending

May 17, 1988.

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With Ms. Seger 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

policy directive:

The information reviewed at this meeting suggests

some moderation in the expansion of economic activity

in the current quarter from the rapid pace in the

fourth quarter; the continuing expansion has been

supported by a sharp pickup in domestic final sales

while the accumulation of inventories appears to

have slowed. Total nonfarm payroll employment rose

substantially over the first two months of the year,

although employment growth slowed somewhat in the

manufacturing sector. The civilian unemployment rate

fell slightly to 5.7 percent in February. Growth in

industrial production moderated in early 1988 from a

brisk pace during the second half of 1987. Consumer

spending strengthened in January and February, buoyed

by higher sales of motor vehicles. Indicators of

business capital spending pointed to substantial gains

in the first quarter. Housing starts rebounded in

February but were still somewhat below the reduced

fourth-quarter average. The nominal U.S. merchandise

trade deficit changed little in January and was

significantly below the fourth-quarter average. In

recent months the rise in consumer and producer prices

has been relatively modest on balance, reflecting

developments in food and energy prices, and wage

trends have shown little change.

Most interest rates were up somewhat on balance

since the Committee's meeting in February, with the

largest increases concentrated in bond markets. The

trade-weighted foreign exchange value of the dollar

in terms of the other G-10 currencies fluctuated in

a relatively narrow range over most of the intermeeting

period, but declined somewhat in recent days.

After strengthening in January, growth of M2 and

M3 remained relatively robust in February and in the

first part of March. Thus far this year expansion of

these two aggregates appears to have been in the upper

portion of the ranges established by the Committee for

1988. M1 has grown moderately on balance since the

fourth quarter. Expansion in total domestic nonfinancial

debt appears to be continuing at a pace close to that

in 1987.

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The Federal Open Market Committee seeks monetary

and financial conditions that will foster price stability

over time, promote growth in output on a sustainable basis,

and contribute to an improved pattern of international

transactions. In furtherance of these objectives, the

Committee at its meeting in February established growth

ranges of 4 to 8 percent for both M2 and M3, measured

from the fourth quarter of 1987 to the fourth quarter

of 1988. The monitoring range for growth in total

domestic nonfinancial debt was set at 7 to 11 percent

for the year.

With respect to M1,the Committee decided in

February not to establish a specific target for 1988.

The behavior of this aggregate in relation to economic

activity and prices has become very sensitive to changes

in interest rates, among other factors, as evidenced

by sharp swings in its velocity in recent years.

Consequently, the appropriateness of changes in M1

this year will continue to be evaluated in the light

of the behavior of its velocity, developments in the

economy and financial markets, and the nature of

emerging price pressures.

In the implementation of policy for the immediate

future, the Committee seeks to increase slightly the

degree of pressure on reserve positions. The Committee

agrees that the current more normal approach to open

market operations remains appropriate; still sensitive

conditions in financial markets and uncertainties in

the economic outlook may continue to call for some

flexibility in operations. Taking account of conditions

in financial markets, somewhat greater reserve restraint

or somewhat lesser reserve restraint would be acceptable

depending on the strength of the business expansion,

indications of inflationary pressures, developments

in foreign exchange markets, as well as the behavior

of the monetary aggregates. The contemplated reserve

conditions are expected to be consistent with growth

in M2 and M3 over the period from March through June

at annual rates of about 6 to 7 percent. The Chairman

may call for Committee consultation if it appears to

the Manager for Domestic Operations that reserve

conditions during the period before the next meeting

are likely to be associated with a federal funds rate

persistently outside a range of 4 to 8 percent.

It was agreed that the next meeting of the Committee would be

held on Tuesday, May 17, 1988.

The meeting adjourned.

Secretary

Cite this document

APA

Federal Reserve (1988, March 28). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19880329

BibTeX

@misc{wtfs_fomc_minutes_19880329,
  author = {Federal Reserve},
  title = {FOMC Minutes},
  year = {1988},
  month = {Mar},
  howpublished = {Fomc Minutes, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_minutes_19880329},
  note = {Retrieved via When the Fed Speaks corpus}
}