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FEDERAL OPEN MARKET COMMITTEE MEETING TRANSCRIPTSPrefatorvNoteThe 1995 transcripts, prepared shortly after each meetingor conference call, were produced by the FOMC Secretariat fromrecorded proceedings of the meetings. The Secretariat lightly editedthe speakers' original words to facilitate the reader'sunderstanding.This editing involved some rewording, primarily for syntaxpurposes,or in some instances to complete or clarify a speaker's thought or tocorrect an obvious misstatement. But in no case did the editing
alter
the substance of the connents made.Meeting participants were thengiven an opportunity to review the transcripts for accuracy.In a very small number of instances, passages have beendeleted to protect confidential information regarding foreign centralbanks, businesses,
and
persons that are identified or identifiable.Deleted passages are indicated by gaps in the text. All informationdeleted in this manner is exempt from disclosure under applicable
provisions
of the Freedom of InformationAct.
 
Meeting of the Federal Open Market CommitteeSeptember 26. 1995A meeting of the Federal Open Market Committee was held inthe offices of the Board of Governors of the Federal Reserve System inWashington, D.C., on Tuesday, September 26, 1995, at 9:00 a.m.PRESENT: Mr. Greenspan, ChairmanMr.McDonough,Vice ChairmanMr. BlinderMr.HoenigMr.KelleyMr.LindseyMr.MfZlZerMS. MinehanMr. MoskowMS. PhillipsMS.YellenMessrs. Boehne, Jordan, McTeer, and Stern.Alternate Members of the Federal Open MarketCommitteeMessrs. Broaddus, Forrestal. and Parry, Presidentsof the Federal Reserve Banks of Richmond,Atlanta,and San Francisco respectivelyKahn,Secretary and EconomistBernard,Deputy Secretarycoyne,Assistant SecretaryGillurn,Assistant SecretaryMattingly,General Counselpre11,EconomistT7XlIlXI.EconomistMessrs. Davis,Dewald, Hunter, Lindsey, Mishkin,Slifman,and Stockton, Associate EconomistsMr. Fisher, Manager,System Open Market AccountMr. Winn,Assistant to the Board, Office of BoardMembers, Board of GovernorsMr. Ettin,Deputy Director,Division of Researchand StatisticsBoard of GovernorsMr. Madigan,Associate Director,Division ofMonetary Affairs,Board of GovernorsMr. Simpson,Associate Director, Division ofResearch and Statistics. Board of Governors
 
Mr. Hooper and Ms. Johnson, Assistant Directors,Division of International Finance, Board ofGOVe?XlOrsMr. Ramm,I/ Section Chief,Division of Researchand Statistics, Board of GovernorsMs. Low,Open Market Secretariat Assistant,Division of Monetary Affairs, Board ofGOVeX-nOr.3Ms. Pianalto, First Vice President, Federal ReserveBank of ClevelandMessrs. Lang, Rolnick, Sniderman, and Ms.Tschinkel,Senior Vice Presidents, FederalReserve Banks of Philadelphia, Minneapolis,Cleveland,and Atlanta respectivelyMessrs. Cox, Hetzel, Judd, and McNees, VicePresidents,Federal Reserve Banks of Dallas,Richmond,San Francisco, and BostonrespectivelyMS. Meulendyke, Adviser, Federal Reserve Bank ofNew York
1.
Attended portion of meeting relating to the Committee's economicdiscussion.
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