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Meeting of the Federal Open Market CommitteeNovember
17,1998
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, November
17, 1998,
at
9:OO
a.m.PRESENT:
Mr.
Greenspan, Chairman
Mr.
McDonough, Vice Chairman
Mr.
Ferguson
Mr.
Gramlich
Mr.
Hoenig
MI.
Jordan
Mr.
Kelley
Mr.
MeyerMs. Minehan
Mr.
PooleMs. RivlinMessrs. Boehne, McTeer, Moskow, and Stem, AlternateMembers ofthe Federal Open Market CommitteeMessrs. Broaddus, Guynn, and Parry, Presidents of the FederalReserve Banks
of
Richmond, Atlanta, and San Franciscorespectively
Mr.
Bernard, Deputy SecretaryMs.
Fox,
Assistant Secretary
Mr.
Mattingly, General Counsel
Mr.
Prell, EconomistMessrs. Cecchetti, Dewald, Lindsey, Simpson, Sniderman, andStockton. Associate Economists
Mr.
Fisher, Manager, System Open Market Account
Mr.
Winn, Assistant to the Board, Office of Board Members,Board of Governors
Mr.
Ettin, Deputy Director, Division of Research and Statistics,Board of GovernorsMs. Johnson, Director, Division of International Finance, Board ofGovernors
 
11/17/98
2
Messrs. Alexander and Hooper, Deputy Directors, Division
of
International Finance, Board of GovernorsMessrs. Madigan and Slifman, Associate Directors, Divisions ofMonetary Affairs and Research and Statistics respectively,Board of Governors
Mr.
Reinhart, Deputy Associate Director, Division
of
MonetaryAffairs, Board of Governors
Mr.
Whitesell, Assistant Director, Division of Monetary Affairs,Board
of
GovernorsMs. Garrett, Economist, Division of Monetary Affairs, Board of
GovernorsMr.
Kumasaka, Assistant Economist, Division of MonetaryAffairs, Board of GovernorsMs. Low, Open Market Secretariat Assistant, Division ofMonetary Affairs, Board of Governors
Mr.
Moore, First Vice President, Federal Reserve Bank of SanFranciscoMessrs. Beebe, Eisenbeis, Ms. Krieger, Messrs. Lang, andRosenblum, Senior Vice Presidents, Federal Reserve Banksof San Francisco, Atlanta, New York, Philadelphia,
and
Dallas respectivelyMessrs. Evans, Fuhrer, Hetzel, Miller, and Sellon, Vice Presidents,Federal Reserve Banks
of
Chicago, Boston, Richmond,Minneapolis, and Kansas City respectively
 
Transcript
of
Federal Open Market Committee Meeting ofNovember
17,1998
CHAIRMAN GREENSPAN. Before we get started
I
would just like
to
reflect on thefact that it is Bill Dewald‘s last meeting. He is sitting over there seeing that we do the rightthing, a struggle requiring infinite patience among other things. He has
been
the Director ofResearch at the St.
Louis
Bank for six years. We will
miss
you,
Bill, and hopefully yourreplacement will do as good a
job
as
you have done.MS.
RIVLIN.
Is
applause appropriate?CHAIRMAN GREENSPAN. Yes. [Applause] Who would like to move to approvethe minutes of the September
29
meeting?
VICE
CHAIRMAN MCDONOUGH.
So
move.CHAIRMAN GREENSPAN. Without objection.
As
you know, in
two
or three
of
our
recent meetings, we have been contemplating ways to improve a number of the procedures thatwe use to communicate to the public.
We
seem to have reached a consensus around this tablethat the wording in the operational paragraph
of
the directive requires some revision. We haveconsidered a number of different versions, and at this point
I
will call on David Lindsey tointroduce today’s discussion by describing the state of play at the moment.
MR.
LINDSEY.
Mr.
Chairman, beginning on page
15
in the Bluebook
for
today’smeeting, we list three options for Committee consideration. Option
1
is the traditional language.Option
2,
which was included
in
a memorandum that
I
wrote to the Committee in earlyNovember, reflects the revisions that President Hoenig suggested at the September meeting.There are optional inclusions
of
some “furthers” in options
2
and
3
that
the
Committee may
of 00

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