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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
December
13-14, 1988
A meeting
of
the
Federal Open Market Cdttee was held in
the offices
of
the Board
of
Governors
of
the Federal Reserve System in
Washington, D.C., on Tuesday, December
13,
1988,
at
2:30
p.m. and
continuing on Wednesday, December
14, 1988,
at
9:00
a.m.
PRESENT:
Mr. Greenspan, Chairman
Mr.
Corrigan, Vice Chairman
Mr.
Angel1Mr. BlackMr. ForrestalMr. HellerMr. HoskinsMr
.
JohnsonMr. Kelley
Mr.
LaWareMr. ParryMS. SegerMessrs. Guffey, Keehn, and Melzer, Alternate
Members
of
the Federal Open Market Committee
Messrs. Boehne, Boykin, and Stern, Presidents of the
Federal Reserve Banks of Philadelphia, Dallas, and
Minneapolis, respectively
Mr. Kohn, Secretary and Economist
Mr. Bernard, Assistant Secretary
Mr. Bradfield General Counsel
Mr. Patrikis, Deputy General Counsel
Mr. Prell, fconomist
Mr. Truman, Economist
Messrs. Beebe, Broaddus, J. Davis,
R.
Davis,
Lindsey, Sieqman, Simpaon, and Ms. Tschinkel,
Associate Economists
Mr.
Sternlight, Manager
�or
Domestic Operations,
System Open Market Account
Mr. Cross, Manager for Foreign Operations,
System Open Market Account
1.
Attended Wednesday session
only.
 
-2-
Mr. Coyne, Assistant to the Board, Board of Governors
Mr. Ettin, Deputy Director, Division of Research and
Statistics, Board of Governors
Mr. Promisel, Senior Associate Director, Division of
International Finance, Board of Governors
Mr. Stockton, Assistant Director, Division of Research
and Statistics, BoaFd of Governors
Messrs. Feinman and Real Economists, Division of
Monetary Affairs
Mr. Keleher, Assistant to Governor Johnson, Office of
Board Members, Board of Governors
Mr. Wajid, Assistant to Governor Heller, Office of
Board Members, Board of Governors
Mr.
Gillum, Ecdnomist, Open Market Secretariat, Division
of Monetary Affairs, Board of Governors
Ms. Low, Open Market Secretariat Assistant, Division of
Monetary Affairs, Board of Governors
Mr. Eisenmenger, First Vice President, Federal Reserve Bank
of
Boston
Messrs. Balbach,
T.
Davis, Lang, Rosenblum,
and Scheld, Senior Vice Presidents, Federal Reserve
Banks of St. Louis, Kansas City, Philadelphia,
Dallas, and Chicago, respectively
MS. Lovett, Messrs. McNees and Miller, Vice Presidents,
Federal Reserve Banks
of
New York, Boston, and
Minneapolis, respectively
2.
Attended portion
of
Tuesday's meeting relating to review of recent
e::perience with borrowing and the federal funds rate and the
implementation
of
open market operations.
of 00

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