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Meeting of the Federal Open Market CommitteeMay 19,1998
A
meeting of the Federal Open Market Committee was held in the offices
ofthe
Boardof Governors of the Federal Reserve System in Washington, D.C.,
on
Tuesday, May 19,1998, at
9:OO
a.m.PRESENT:
Mr.
Greenspan, Chairman
Mr.
McDonough, Vice Chairman
Mr.
Ferguson
Mr.
Gramlich
Mr.
Hoenig
Mr.
Jordan
Mr.
Kelley
Mr.
MeyerMs. MinehanMs. Phillips
Mr.
PooleMs. RivlinMessrs. Boehne, McTeer, Moskow, and Stem, Alternate Members of
the
Federal Open Market CommitteeMessrs. Broaddus, Guynn, and Parry, Presidents
of
the Federal ReserveBanks of Richmond, Atlanta, and San Francisco respectively
Mr.
Kohn,
Secretary
and Economist
Mr.
Gillum, Assistant Secretary
Mr.
Mattingly, General Counsel
Mr.
Prell, Economist
Mr.
Truman, Economist
Ms.
Browne, Messrs. Cecchetti, De ald,
Hakkio,
Lindr
~
Simpson,and Stockton, Associate Economists
Mr.
Fisher, Manager, System Open Market Account
Mr.
Winn, Assistant
to
the Board, Office of Board Members,
Ms.
Fox, Deputy Congressional Liaison, Office of Board Members,Board of GovernorsBoard of Governors
 
5/19/98
2
Mr.
Ettin, Deputy Director, Division of Research and Statistics, BoardMessrs. Madigan and Slifman, Associate Directors, Divisions
of
of
GovernorsMonetary Affairs and Research and Statistics respectively, Board
of
GovernorsDivision
of
International Finance, Board
of
Governorsof GovernorsGovernorsAffairs, Board of Governorsof GovernorsMessrs. Alexander, Hooper, and Ms. Johnson, Associate Directors,
Mr.
Reinhart, Assistant Director, Division
of
Monetary Affairs, BoardMs. Garrett, Economist, Division of Monetary Affairs, Board ofMs.
Low,
Open Market Secretariat Assistant, Division of Monetary
Mr.
Kumasaka, Research Assistant, Division
of
Monetary Affairs, BoardMessrs. Eisenbeis, Goodfriend, Hunter, Lang, Rolnick, and Rosenblum,Senior Vice Presidents, Federal Reserve Banks
of
Atlanta, Richmond,Chicago, Philadelphia, Minneapolis, and Dallas respectivelyMessrs. Altig, Bentley, and Judd, Vice Presidents, Federal ReserveBanks of Cleveland,
New
York, and San Francisco respectively
 
Transcript of Federal Open Market Committee Meeting
of
May 19,1998CHAIRMAN GREENSPAN. Would somebody like to move approval
of
the minutesfor the meeting of March
31?
VICE CHAIRMAN MCDONOUGH.
So
moveCHAIRMAN GREENSPAN. Without objection. This incidentally is the last meetingof
our
esteemed Governor Phillips.MS. PHILLIPS. Yes, and
I
thought about that as
I
was reading Greenbooks over theweekend. [Laughter]CHAIRMAN GREENSPAN. I‘m sure it occurred to you, Susan, that you don’t haveto read them anymore! In any case, we will miss you. As you know, there is an official farewellluncheon at the time
of
the next meeting. We will withhold
all
our
kmd remarks at this pointbecause
we
do not want
to
influence your vote this morning, one way or another.
MS.
PHILLIPS. Thank you.CHAIRMAN GREENSPAN. I think all of you
are
aware that Lynn
Fox
is trying tostep into
Joe
Coyne’s shoes, a task she is struggling with successfully, I hope. We welcome you
to
your first meeting.Peter Fisher, would you take over please?
MR.
FISHER.
Thank you,
Mr.
Chairman.
I
will
be
refemng to thepackage of color charts that should be on the table before you.’/ The first pageshows
the
3-month deposit rates including the current Libor, the 3-monthforward, and the 9-month forward rates.Looking at the
U.S.
panel, you can see that there has been little net changein these forward rates since your last meeting on March
31,
but there has been
a
‘/Copies of
the
charts used by Mr. Fisher
are
appended to the transcript. (Appendix
1)
of 00

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