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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
19,
1987
A
meetlng 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.,
onTuesday, May
19,
1987. at 9:lO
a.m.
PRESENT:
Mr.
Volcker, Chairman
Mr.
Corrigan, Vice Chairman
Mr. Angel1
Mr. Boehne
Mr. Boykin
Mr.
Heller
Mr. Johnson
Mr. Keehn
Ms.
Seger
Mr. Stern
Messrs. Black, Forrestal, and Parry, Alternate
Members of the Federal Open Market Committee
Messrs. Guffey. Melzer, and Morris, Presidentsofthe Federal
Reserve Banks
of
Kansas City, St.
Louis,
and Boston.
respectively
Mr. Kohn. Secretary and Staff Adviser
Mr. Bernard, Assistant Secretary
Mrs. Loney, Deputy Assistant Secretary
Mr. Bradfield, General Counsel
Mr. Kichline, Economist
Mr. Truman, Economist (International)
Messrs. Lang, Lindsey, Prell, Rolnick, Rosenblum,
Scheld, Siegman, and Simpson, Associate Economists
Mr. Sternlight, Manager for Domestic Operations, System
Open Market Account
Mr.
Cross, Manager for Foreign Operations, System
Open Market Account
 
5/19/87
-2-
Mr.
Coyne,Assistant to the Board, Board of Governors
Mr.
Gemmill,
Staff Adviser, Division of InternationalFinance, Board
of
Governors
Ms.
Low, Open
Market
Secretariat
Assistant,
Office ofStaff Director
for
Monetary and Financial Policy,Board of Governors
Mr.
Hendricks, First
Vice
President, Federal
Reserve
Bankof Cleveland
Mr.
Fousek, Executive
Vice
President, Federal Reserve Bankof
New
York
Messrs.
J.
Davis,
T.
Davis,
Mmes.
Munnell and Tshinkel,Senior
Vice
Presidents, Federal Reserve
Banks
ofCleveland, Kansas City, Boston, and Atlanta,respectively
Messrs.
Beebe, Burger, and Cook,
Vice
Presidents,Federal
Reserve
Banks of San Francisco, St. Louis,and Richmond
,
espectively
Ms.
Lovett, Assistant
Vice
President, Federal
Reserve
Bank of
New
York
of 00

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