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PREFATORY NOTE
These transcripts have been produced from the original raw
transcripts in the FOMC Secretariat's files. The Secretariat has
lightly edited the originals 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 or
to correct an obvious transcription error or misstatement.
Errors undoubtedly remain. The raw transcripts were not
fully edited for accuracy at the time they were produced because they
were intended only
as
an
aid
to the Secretariat in preparing the
records of the Committee's policy actions. The edited transcripts
have not been reviewed by present or past members of the Committee.
Aside from the editing to facilitate the reader's
understanding, the only deletions involve a very small amount of
confidential information regarding foreign central banks, businesses.
and persons that are identified or identifiable. Deleted passages are
indicated by gaps in the text. All information deleted in this manner
is exempt from disclosure under applicable provisions of the Freedom
of Information Act.
 
Meeting of the Federal Open Market Committee
May 18, 1982
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,
May
18,
1982, at 9:15 a.m.PRESENT:
Mr.
Volcker,
-
/ Chairman
Mr.
BallesMr. Black
Mr.Ford
Mr.
Gramley
Mrs. Horn
Mr. Martin
Mr.
Partee
Mr.
Rice
Mrs. Teeters
Mr.
Wallich
Mr. Timlen, Alternate for Mr. Solomon
Messrs. Guffey, Keehn, Morris,
and
Roos,
Alternate Members
of the Federal Open Market Committee
Messrs. Boehne. and Boykin, Presidents of the Federal Reserve
Banks of Philadelphia, and Dallas, respectively
Mr. Axilrod, Staff Director
Fir.
Altmann, Secretary
Mr.
Bernard, Assistant Secretary
Mrs.
Steele, Deputy Assistant Secretary
Mr.
Mannlon,
Assistant General Counsel
Mr.
Kichllne. Economist
Messrs.
J.
Davis, Ettin, Keran. Koch, Prell,
Siegman, and Ziesel, Associate Economists
Mr.
Steralight,
2/
Manager for Domestic Operations.
System Open Market Account
-
/
Left the meeting prior to the approval of the minutes of actions and returnedprior to the action to ratify System Open Market transactions in Governmentsecurities, agency obligations, and bankers acceptances.
-
1
Entered the meeting prior to the action to ratify System open markettransactions in Government securities, agency obligations, and bankersacceptances.
 
5/18/82
-2-
Mr.
Coyne, Assistant to the Board of Governors
Hr. Gemmill, Associate Director, Division of
International Finance, Board of Governors
Mr.
Kohn,Senior Deputy Associate Director, Division of
Research and Statistics, Board of Governors
Mr.
Lindsey, Assistant Director, Division of Research
and Statistics, Board of Governors
Mr.
Robinson,?/ Assistant Director, Division of FederalReserve Bank Operations. Board
of
Governors
Mrs.
Deck, Staff Assistant, Open Market Secretariat,Board of GovernorsMessrs. Balbach, Burns,
T.
Davis, EiEemenger, Fousek,Mullineaux, Scheld, and Stern, Senior VicePresidents, Federal Reserve
Banks
of St.
Louis,
Dallas, Kansas City, Boston, New York, Philadelphia,Chicago, and Minneapolis, respectivelyMr. Broaddus,
Ms.
Greene, and
Mr.
Soss,
A/
Vice Presidents,Federal Reserve Banks of Richmond, New York,and New York, respectively
He.
Meulendyke.Senior Economist. Federal Reserve Bank of
New York
-
/
Left the meeting following the acceptance of the report of examination
of
the System open market 8ccount.
-
/
Entered the meeting prior to the action to adopt the domestic policydirective.
of 00

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