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TRANSCRIPTFEDERAL OPEN MARKET COMMITTEE MEETINGFebruary
6,
1979
Prefatory NoteThis transcript has been produced from the original rawtranscript in the FOMC Secretariat's files. The Secretariat haslightly edited the original to facilitate the reader's understanding.Where one or more words were missed or garbled in the transcription,the notation "unintelligible" has been inserted. In some instances,words have been added in brackets to complete a speaker's thought orto correct
an
obvious transcription error or misstatement.Errors undoubtedly remain. The raw transcript was not fullyedited for accuracy at the time it was produced because it wasintended only
as
an aid to the Secretariat in preparing the record ofthe 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'sunderstanding, the only deletions involve a very small amount ofconfidential information regarding foreign central banks, businesses,and persons that are identified or identifiable. Deleted passages areindicated by gaps
in
the text. All information deleted in this manneris exempt from disclosure under applicable provisions of the Freedomof Information Act.Staff Statements Aouended to the TranSCriDt
Mr.
Pardee, Deputy Manager for Foreign OperationsMr. Sternlight, Deputy Manager for Domestic OperationsMessrs. Kichline, Zeisel, and Truman, Associate EconomistsMr. Axilrod, EconomistMr. Axilrod, EconomistMr. Holmes, Manager, System Open Market Account
 
Meeting
of
Federal Open Market
Committee
February
6,
1979
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, February
6,
1979,
at
9:00
a.m
PRESENT:
Mr.
Miller, Chairman
Mr.
Volcker,
Vice
Chairman
Mr.
Baughman
Mr.
Coldwell
Mr.
Eastburn
Mrs.
Teeters
Mr.
Wallich
Mr.
Willes
Mr.
Mayo, Alternate
,
Mr.
Partee
Messrs.
Balles and BIack, Alternate Members
of
Federal Open Market
Committee
Messrs.
Guffey, Morris,
and
Roos,
?residents
of
the Federal Reserve Banks
of
Kansas
City, Boston, and
St.
Louis, respectively
Mr.
Altmann, Secretary
Mr.
Bernard,
Assistant
Secretary
Mr.
Guy, Deputy
General
Counsel
Mr.
Mannion,
Assistant
General Counsel
Mr.
Axilrod, Economist
Messrs.
Burns,
J.
Davis,
R.
Davis,
Ettin,
Keir,
Kichline, Paulus, Truman,
and
Zeisel,
Associate
Economists
Xr.
Holmes
,
Manager, System Open MarketAccount
 
2
16
179
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Mr.
Sternlight, Deputy Manager
for
Mr.
Pardee, Deputy Manager
for
Foreign
Domestic
OperationsOperations
Mr.
Coyne, Assistant to
the
Board
of
Mr.
Kalchbrenner,
Associate
Director,
GovernorsDivision of Research and Statistics,Board
of
GovernorsDivision of International Finance,Board
of
GovernorsSecretariat, Board
of
GovernorsSecretariat, Board
of
Governors
Messrs.
Fossum and MacDonald, First
Vice
Presidents, Federal Reserve
Banks
of
Atlanta and Cleveland, respectively
tdr.
Gemmill,
Associate
Director,
Ms.
Farar,
Economist,
Open Market
Ms.
Belton, Secretary, Open Market
Messrs.
Balbach,
Boehne, Brandt,
T.
Davis,
Eisenmenger,
Keran,
Parthemos, and Scheld, Senior
Vice
Presidents, Federal
Reserve
Banks
of
St. Louis, Philadelphia,
Kansas
City, Atlanta, Boston,
San
Francisco, Richmond, andChicago, respectively
Mr.
Meek,
Monetary
Adviser, FederalReserve Bank
of
New
York
of 00

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