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TRANSCRIPTFEDERAL OPEN MARKET COMMITTEE MEETINGJuly 11, 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 understandingWhere 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 Freedom
of
Information Act.Staff Statements AuDended to the TranscriutMr. Pardee, Deputy Manager for Foreign OperationsMr. Sternlight, Deputy Manager for Domestic OperationsMr. Kichline, Associate Economist
Mr.
Zeisel, Associate EconomistMr. Truman, Associate Economist
 
Xeeting
of
Federal Open Market
Committee
July 11,
1979
A
meeting of the Federal Open Market
Committee
washeld in the
offic.es
of the Board
of
Governors of the FederalReserve System in Washington,
D.
C.,
on Wednesday,
July
11,
1979,
beginning
at
9100
.m
PRESENT:
Mr.
Miller,
Chairman
Mr.
Volcker,
Vice
Chairman
Mr.
Balles
blr.
Black
Xr.
Coldivell
Mr.
Kimbrel
Mr.
Uago
Mr.
Partee
Mr.
Rice
E!rs.
Teeters
Mr.
Wallich
Hessrs.
Gi;ffey,
Xorris
,
Rocs,
and
Kinn
Alternate
Iv:imSers
of
the Federal Open Market
Csmiittee
Messrs.
Bazghnar,,
Eastburn,
acd
%il:es?
Fresic!ents
of tht Fedzrai Reserve Banks
of
Callas,
Fhiladslphia,
aGd
Minnez2olis, res>&ctivelg
Mr.
Altmann, Secretary
Mr.
Bernard, Assistant Secretary
Idr.
Petersen, General Counsel
PIr.
Oltman, Deputy General Counsel
hlr.
Mannion, Assistant General Counsel
Mr
.
Axilrod, Economist
Messrs.
Brandt, Ettin, Henry,
Keir,
Keran,Kichline, Parthemos, Scheld, Truman,and
Zeisel,
Associate
Economists
Mr.
Sternlight, Deputy Manager
for
Domestic
Mr.
Pardee, Deputy Manager
for
ForeignOperationsOperations
Mr.
Coyne, Assistant
to
the Board ofGovernors
 
7/11/79
-2-
Messrs.
Kalchbrenner and Siegman, AssociateDirectors, Divisions
of
Research andStatistics and International Finance,respectively, Board
of
Governors
Mr.
Prell
11,
Associate
Research DivisionOfficer,
Division
of
Research andStatistics,
Board
of
GovernorsBoard of GovernorsSecretariat, Board
of
Governors
Messrs.
Balbach, Boehne,
J.
Davis,
Eisen-
?Is.
Farar, Economist, Open Market Secretariat,
Nrs.
Deck, StaffAssistant,
Open
Xarketmenger, and Fousek, Senior
Vice
Presi-dents, Federal Reserve
Banks
of St.
Louis,
Philadelphia, Cievelznd,
'doston,
and
New
York,
respectively
Meysrs.
hrns,
Danforth,
an.5
T.
Pavis,
ViceFresidents, Federal
Resene
Bazks
of
Dallas,
Minneapolis
I
and
Kazsas
City,resnectiveiy
-
,'
System open market
transactions
and
left
following
the
vote to
adopt the domestic
policy
directive.
Mr.
Prell
entered
the meeting following the
votesto
ratify
of 00

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