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Meeting of the Federal Open Market CommitteeJune 30-July
1,
1998
A
meeting
of
the Federal Open Market Committee was held
in
the offices
of
theBoard of Governors
of
the Federal Reserve System in Washington,D.C.. on Tuesday, June 30,1998,at 1:30 p.m. and continued
on
Wednesday, July
1,
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. Minehan
Mr.
Poole
Ms.
Riv.linMessrs. 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 EconomistMr. Bernard, Deputy Secretary
Ms.
Fox, Assistant SecretaryMr. Gillum, Assistant Secretary
Mr.
Mattingly, General Counsel
Mr.
Baxter, Deputy General CounselMr. Prell, Economist
Mr.
Truman, Economist
Ms.
Browne, Messrs. Dewald, Hakkio, Lindsey, Simpson, and Stockton,Associate EconomistsMr. Fisher, Manager, System Open Market AccountMr. Winn, Assistant to the Board, Office of Board Members, Board
of
Governors
 
6/30-7/1/98
2
Mr.
Ettin, Deputy Director, Division of Research and Statistics, Board ofGovernorsMessrs. Madigan and Slifman, Associate Directors, Divisions of MonetaryAffairs and Research and Statistics respectively, Board of GovernorsMessrs. Alexander, Hooper, and Ms. Johnson, Associate Directors, Divisionof International Finance, Board of Governors
Mr.
Reinhart, Assistant Director, Division of Monetary Affairs, Board
of
GovernorsMessrs. Small,
1/
Reifschneider,
I/
and Whitesell, Section Chiefs, Divisions ofMonetary Affairs, Research and Statistics, and Monetary Affairsrespectively, Board of Governors
Ms.
Kusko,
2/
Senior Economist, Division of Research and Statistics, Board ofGovernorsMr. Elmendorf
2/
nd
Ms.
Garrett, Economists, Division of Monetary Affairs,Board
of
GovernorsMs.
Low,
Open Market Secretariat Assistant, Division of Monetary Affairs,Board of Governors
Mr.
Barron, First Vice President, Federal Reserve Bank of AtlantaMessrs.
Beebe,
Eisenbeis, Goodfnend, Hunter, Lang, Rosenblum, and Steindel,Senior Vice Presidents, Federal Reserve Banks of San Francisco, Atlanta,Richmond, Chicago, Philadelphia, Dallas, and
New
York respectivelyMs. Perelmuter, Vice President, Federal Reserve Bank of
New
York
Mr.
Bryan, Assistant Vice President, Federal Reserve Bank of ClevelandMr. Weber, Senior Research Officer, Federal Reserve Bank of Minneapolis
-
/
-
/
Attended portion of the meeting relating to the Committee’s consideration
of
its monetaryand debt ranges for 1998 and 1999.Attended portions of the meeting relating to
the
Committee’s review
of
the economicoutlook and consideration of its monetary and debt ranges for 1998 and 1999.
 
Transcript of Federal Open Market Committee MeetingJune 30-July
1,
1998June 30, 1998--Afternoon SessionCHAIRMAN GREENSPAN. Since the members are all here, I propose that we moveup the starting time of the meeting to 125 p.m. Hearing no objection,
I
consider the meeting tobe in order.The first item on the agenda is approval of the minutes for the May 19 meeting. Doessomebody wish to move them?SEVERAL. So move.CHAIRMAN GREENSPAN. Without exception, they
are
approved.The
Board’s
public information officer traditionally has served as an assistantsecretary of the Federal Open Market Committee.
You
all
know Lynn
Fox.
I
assume that all of
us
presume she is qualified, and therefore
I
would request that somebody nominate her.MS. RIVLW.
I
so
nominate her.VICE CHAIRMAN MCDONOUGH.
I
second the nomination.CHAIRMAN GREENSPAN. If there is anybody opposed,
I
don’t want
to
hear it.[Laughter] Nominations are closed, and congratulations, Lynn. Peter Fisher.
MR.
FISHER. Thank you,
Mr.
Chairman.
I
will be referring to threepages
of
colored charts. 1/ They have a peach cover and are somewhere infront of you,
I
hope.The first page shows the 3-month Euro-deposit rates including thecurrent, 3-month forward, and 9-month forward rates since July 1 of lastyear. This chart therefore covers the 12-month period since the start of theAsian crisis
1/
Copies of the charts used by Mr. Fisher
are
appended
to
the transcript. (Appendix
1)
of 00

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