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TRANSCRIPTFEDERAL OPEN MARKET COMMITTEE MEETINGOctober 17, 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.Statements Appended to the TranscriptMr. Pardee, Deputy Manager for Foreign OperationsMr. Holmes, Manager, System Open Market AccountMr. Kichline, Associate Economist
(2)
Mr. Zeisel, Associate EconomistMr. Truman, Associate EconomistMr. Sternlight, Deputy Manager for Domestic OperationsMr. Roos, President, Federal Reserve Bank of St. Louis
 
Meeting
of
Federal
Open
Market Committee
October
17,
1978
 
A
meeting
of the
FederalOpen Market Committeewasheld
in
the
offices
ofthe
Board
of
Governors
of
the
FederalReserveSystem
in
Washington,
D.
C.,
on
Tuesday,October
17,
1978,
at
9:15 a.m.PRESENT:
Mr.
Miller, Chairman
Mr.
Volcker,
Vice Chairman
Mr.
Baughman
Mr.
Coldwell
Mr.
Eastburn
Mr.
Jackson
Mr.
Partee
Mrs.
Teeters
Mr.
Wallich
Mr.
Willes
Mr.
WinnMessrs. Balles, Black, Kimbrel,
and
Mayo,Alternate Members
of the
Federal
Open
Market CommitteeMessrs.Guffey, Morris,
andRoos,
Presidents
of
the
Federal ReserveBanks
of
Kansas
City,
Boston,
and
St.
Louis, respectively
Mr.
Altmann,
Secretary
Mr.
Bernard,
Assistant Secretary
Mr.
O'Connell,GeneralCounselMr. Mannion, AssistantGeneral CounselMr.
Axilrod,
EconomistMessrs.Burns,
J.
Davis,
R.
Davis,
Ettin,
Keir, Kichline,
Paulus,
Truman,
and
Zeisel, AssociateEconomists
Mr.
Holmes, Manager,
System
Open Market
Account
 
10/17/78
Mr. Sternlight, Deputy Manager
for
DomesticOperations
Mr.
Pardee, Deputy Manager
for
ForeignOperations
Mr.
Coyne, Assistant
to the
Board
of
Governors
Mr.
Kalchbrenner,AssociateDirector,Division
of
Research
and
Statistics,Board
of
GovernorsMr. Henry, Associate Director, Division
of
International Finance, Board
of
Governors
Ms.
Farar, Economist, OpenMarketSecretariat,Board
of
Governors
Mrs.
Deck,
Staff
Assistant,
OpenMarket
Secretariat,Board
of
Governors
Mr.
McIntosh,First
Vice
President,Federal
Reserve
Bank
of
BostonMessrs. Balbach,Boehne,
T.
Davis,
and
Scheld, Senior
Vice
Presidents,FederalReserve Banks
of
St.
Louis,
Philadelphia,
Kansas
City,
and
Chicago, respectivelyMessrs.Cox
and
Keran,VicePresidents,Federal Reserve Banks
of
Atlanta
and
San
Francisco,respectively
Ms.
Lovett,Securities TradingOfficer,Federal Reserve Bank
of
New
York 
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