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US Federal Reserve: 860212Meeting

US Federal Reserve: 860212Meeting

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Published by: The Fed on Jan 23, 2008
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05/24/2012

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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
February
11-12,1986
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
11,
1986,
at
3:lO
p.m.
andcontinuing on Wednesday, February 12, 1986, at
9:00
PRESENT:
Mr. Volcker, Chairman
Mr.
Corrigan,Af Vice Chairman
Mr.
Angel1
Mr. Black
Mr. Porrestal
Mr.
Johnson
Mr. Keehn
Mr.
Martin
Mr. Parry
Mr. Rice
Ms. Seger
Mr. Wallich
a.m.
Mr.
Guffey, Mrs.
Horn,
Messrs. Melzer and Morris, AlternateMembers of the Federal Open Market CommitteeMessrs. Boehne, Boykin, and Stern, Presidents of
the
Federal
Reserve Banks of Philadelphia, Dallas, and Minneapolis,
respectively
Mr. Axilrod, Staff Director and Secretary
Mr.
Bernard, Assistant Secretary
Mrs. Steele,l/ Deputy Assistant Secretary
Mr. Bradfielx, General Counsel
Mr. Oltman,l/ Deputy General Counsel
qr. Kichline, Economist
Mr. Truman, Economist (International)
Messrs. Broaddus, Kohn,l/ Lindsey, Prell, Scheld,
Siegman, and Ms. TsThinkel, Associate Economists
Mr. Sternlight, Manager for Domestic Operations,
System Open Market Account
Mr.
Cross,l/ Manager for Foreign Operations,
System Open Market Account
1/Entered meeting after action to approve minutes for meeting
of
December 16-17,
1985,
and acceptance
of
the report
of
Examination
of
the System Open Market Account.
 
2111-12186
-2-
Mr.
Coyne, Assistant to the Board, Board of Governors
Mr. Roberts, Assistant to the Chairman, Board
of
Governors
Mr. Gemmill, Staff Adviser, Division of InternationalFinance, Board of Governors
Mrs.
Danker
1/
and Mr. Stockton,l/ Economists, Division ofResear& and Statistics, Board
of
Governors
Mrs.
Low,
Open Market Secretariat Assistant,Board of Governors
Mr.
Fousek,Z/ Executive Vice President, Federal Reserve Bank
of New-York
Messrs. Balbach,
J.
Davis,
T.
Davis, Lang, Rolnick,
Rosenblum, and Scadding,Senior Vice Presidents,
Federal Reserve Banks of St. Louis, Cleveland,
Kansas City, Philadelphia, Minneapolis, Dallas,
and San Francisco, respectively
Messrs. Higgins and McNees, Vice Presidents, Federal Reserve
Banks of Kansas City and Boston, respectively
Mr.
Guentner, Manager, Securities Department, Federal
Reserve Bank of New York
1/
Attended portion of meeting relating to the Committee's discussion
and action
on
monetary growth ranges for
1986.
-
/
Entered meeting after action to approve minutes for meeting ofDecember 16-17, 1985, and acceptance
of
the report of Examination
of
the System Open Market Account.

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