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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.
 
Meetinq of the Federal Open Market Committee
Auaust
22,
1989
A meeting
of
the Federal Open Market Cdttee was held inthe offices of the Board
of
Governors
of
the Federal Reserve System inWashington, D.C.,
PRESENT:
on
Tuesday, August
22,
1989,
at
9:oo
Mr.
Greenspan, Chairman
Mr.
Corrigan, Vbe Chairman
Mr.
Angel1
Mr.
Guffey
Mr
.
Johnson
Mr.
Keehn
Mr.
Kelley
Mr.
LaWare
Mr.
Melzet
Ms. Seger
Mr.
Syron
a.m.
Messrs. Boehne, Boykin, Hoskins, and Stern, Alternate
Members of the Federal Open Market Committee
Messrs. Forrestal and Parry, Presidents of the
Federal Reserve Banks
of
Atlanta and
San Francisco, respectively
Mr.
Kohn, Secretary and Economist
Mr.
Bernard, Assistant Secretary
Mr. Gillum, Deputy Assistant Secretary
Mr.
Mattingly, General Counsel
Mr.
Patrikis, Deputy General Counsel
Mr.
Prell, Economist
Mr. Truman,
Economist
Messrs. Balbach, R. Davis, T. Davis, Lindsey,Scheld, Siegman,
Simpson,
and Slifman,Associate Economists
Mr.
Sternlight, Manager for Domestic Operations,System Open Market Account
Mr.
Cross,
Manager
for
Foreign Operations,System Open Market Account
 
-2-
Mr. Coyne, Assistant to the Board, Board of Governors
Mr. Ettin, Deputy Director, Division of Research and
Statistics, Board
of
Governors
Mr. Keleher,.Assi?tant to Governor Johnson, Office of
BoardlMembers’, Board
of
Governors
Mr.Smith, Assistant Director, Division of
International Finance, Board
of
Governors
Ms.
Low, Open Market Secretariat Assistant, Division of
Monetary Affairs, Board of Governors
Messrs. Hendricks and Monhollon, First Vice Presidents,
Federal Reserve Banks
of
Cleveland and Richmond,
respectively
Messrs. Beebe, Broaddus, Rolnick, Rosenblum, and
Ms.
Tschinkel, Senior Vice Presidents, Federal
Reserve Banks of San Francisco, Richmond,
Minneapolis, Dallas, and Atlanta, respectively
Ms. Lovett and Messrs. McNees and Meyer, Vice Presidents,
Federal Reserve Banks
of
New York, Boston, and
Philadelphia, respectively
1.
Left meeting after action to approve special reciprocal currency
arrangement with the Bank of Mexico.
of 00

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