TRANSCRIPTFEDERAL OPEN M?.RKET COMMITTEE MEETINGMarch
20,
1979Prefatorv 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" as 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 Auuended to the TranscriutMr. Pardee, Deputy Manager for Foreign OperationsMr. Sternlight, Deputy Manager for Domestic Operations
Mr.
Kichline, EconomistMr. Holmes, Manager, System Open Market Account
Meeting of Federal
Open
Market CommitteeMarch
20,
1979
MINUTES
OF
ACTIONS
A
meeting
of
the Federal Open Market Committee
was
held
in
the offices of the Board of Governors of
the
FederalReserve System
in
Washington,
D. C.,
on Tuesday, March
20,
19'79,
beginning
at
9:30
a.m.PRESENT:
Mr.
Miller,
Chairman
Mr.
Volcker,
Vice
Chairman
Mr.
Balles
Mr.
Black
Mr.
Coldwell
Mr.
Kimbrel
M
.
Uayo
Mr.
Partee
Mrs
Teeters
Mr
Wallich
:il,ksrs.
Guff
ey
,
Morris,
Roos
,
and Winn
,
Alternate %embers
of
the Federal OpenSIarket Coimittee
Messrs.
BaughnaQ,
&Ed
Eastburn,
Presidents
of
The
Federzl Reserve
Bznks
of
DallasPhiladelphia, respectively
Mr.
Altmann,
Secretary
Mr.
Bernard,
Assistant
Secretary
Mr.
Mannion, Assistant General Counsel
Mr.
Axilrod, Economist
Messrs.
Brandt,
Ettin,
Henry,
Keir,
Keran,
Kichline,
Scheld, Truman, and
Zeisel,
Associate Economists
Mr.
Holmes, Manager System Open MarketAccount
Mr.
Pardee,
Deputy
Manager for Foreignoperations
3/20
79
-2-
Mr.
Sternlight, Deputy Manager for
Domestic
Operations
Mr.
Coyne, Assistant to the Board of
Mr.
Kalchbrenner,
Associate
Director,
GovernorsDivision of Research and Statistics,Board
of
GovernorsSecretariat, Board of GovernorsSecretariat, Board of Governors
Ms.
Farar, Economist, Open Market
Mrs.
Deck, Staff Assistant, Open Market
Messrs.
Gainor and EdcIntosh, First VicePresidents, Federal Reserve
Banks
of Minneapolis
and
Boston, respectively
Messrs.
Balbach,
J.
Davis, and Eisenmenger,Senior
Vice
Presidents, Federal
Eeserve
Banks of St. Louis, Cleveland:
and
Boston, respectively
Messrs.
Broaddus
,
Burns,
Danf orti;,
T.
Davis, Fousek, and Mullineaux, VicePresidents, Federal Reserve
Banks
of Richmond, Dallas, Xinneapolis,Kansas
City,
Xew
York,
EZC?
Philadelphia,respectively
Ms.
Clarkin, Securities Trading Officer,Federal Beserve Bank of
X~ii:
York
of 00
US Federal Reserve: 790320meeting
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