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TRANSCRIPTFEDERAL OPEN MARKET COMMITTEE MEETINGMarch 21, 1978Prefatory NoteThis transcript has been produced from the original raw transcript in the FOMCSecretariat's files. The Secretariat has lightly edited the original to facilitate the reader'sunderstanding. Where one or more words were missed or garbled in the transcription, thenotation "unintelligible" has been inserted. In some instances, words have been added inbrackets to complete a speaker's thought or to correct an obvious transcription error ormisstatement.Errors undoubtedly remain. The raw transcript was not fully edited for accuracyat the time it was produced because it was intended only as an aid to the Secretariat inpreparing the record of the Committee's policy actions. The edited transcript has not beenreviewed by present or past members of the Committee.Aside from the editing to facilitate the reader's understanding, the only deletionsinvolve a very small amount of confidential information regarding foreign central banks,businesses, and persons that are identified or identifiable. Deleted passages are indicated bygaps in the text. All information deleted in this manner is exempt from disclosure underapplicable provisions of the Freedom of Information Act.Staff Statements Appended to the TranscriptMr. Pardee, Deputy Manager for Foreign OperationsMr. Kichline, Associate EconomistMr. Sternlight, Deputy Manager for Domestic OperationsMr. Axilrod, Economist
 
3/21/78
Meeting
of
Federal
Open Market Committee
March
21,
1978
 
A
meeting
of
the
Federal Open Market Committee
was
held
in
the
offices
of
the
Board
of
Governors
of
the
FederalReserveSystem
in
Washington,
D.
C.,
on
Tuesday, March
21,
1978,
beginning
at
9:00
a.m.
PRESENT: Mr.Mr.Mr.Mr.Mr.Mr.
Mr.
Mr.Mr.
Mr.
Miller, ChairmanVolcker,ViceChairmanBaughmanColdwellEastburnJacksonParteeWallichWilles
Winn
Messrs.Balles,Black,Kimbrel,
and
Mayo,AlternateMembers
of
the
Federal
OpenMarket
CommitteeMessrs.Guffey,Morris,
and
Roos,Presidents
of
the
FederalReserve Banks
of
Kansas
City,
Boston,
and
St.
Louis,respectivelyMr. Broida, Secretary
Mr.
Altmann, DeputySecretary
Mr.
Bernard,
AssistantSecretary
Mr.
O'Connell, General CounselMr.
Axilrod,
EconomistMessrs.Burns,
J.
Davis, Ettin,Keir,Kichline,Paulus,Truman,
and
Zeisel, AssociateEconomists
 
3/21/78
Mr.
Holmes,ManagerSystem
Open
MarketAccount
Mr.
Pardee,DeputyManager
for
ForeignOperations
Mr.
Sternlight,DeputyManager
for
Domestic Operations
Mr.
Coyne,Assistant
to
the
Board
of
Governors
Mr.
Smith,Chief,
Financial
MarketsSecti ,Division
of
InternationalFinance,Board
of
Governors
Mrs.
Farar, Economist,
Open Market
Secretariat,Board
of
Governors
Mrs.
Deck,
Staff
Assistant,
Open
MarketSecretariat,Board
of
GovernorsMessrs.Balbach,Boehne,Eisenmenger,Scheld,
and Sims, Senior
VicePresidents, Federal Reserve Banks
of
St.
Louis,Philadelphia,Boston,Chicago,
and San
Francisco,respectivelyMessrs. Brandt, Broaddus,
T.
Davis,
and
Fousek, Vice Presidents, FederalReserve Banks
of
Atlanta, Richmond,KansasCity,
and
NewYork, respectively
Ms.
Clarkin,SecuritiesTradingOfficer,FederalReserveBank
of
New
York
 
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