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AGENDA FEDERAL OPEN MARKET COMMITTEE Tuesday, January 28, 2003 at 2:30 p.m. and continuing on Wednesday, January 29, 2003 at 9:00 a.m. Advices of the election of the following members and alternate members of the Federal Open Market Committee for the year commencing January 1, 2003, have been received by the Secretariat, and these individuals have executed their oaths of office. Members J. Alfred Broaddus, Jr. William J. McDonough Michael H. Moskow Jack Guynn Robert T. Parry Alternate Members Cathy E. Minehan Jamie B. Stewart, Jr. Sandra Pianalto 1/ William Poole Thomas M. Hoenig 1. Election of officers to serve until the election of their successors at the first regularly scheduled meeting of the Committee after December 31, 2003. A. Chairman B. Vice Chairman C. Staff officers 2. Selection of a Federal Reserve Bank to execute transactions for the System Open Market Account. 3. Selection of Manager of the System Open Market Account. 4. Review of (a) Authorization for Domestic Open Market Operations, (b) Foreign Currency Authorization, (c) Foreign Currency Directive and (d) Procedural Instructions with respect to Foreign Currency Operations. 1/ Effective February 1, 2003. 5. Proposed revisions to the Program for Security of FOMC Information. (See memorandum dated January 23, 2003). 6. Proposed FOMC rule changes: (1) adoption of a revised quorum rule to provide for the continued operation of the FOMC during an emergency and (2) authority for the Chairman to appoint a Federal Reserve official to act temporarily as Manager in the event that the Federal Reserve Bank of New York is unable to function (See staff memoranda on quorum rule dated January 3, 2003 and addition to temporary authority resolution dated January 24, 2003.) 7. Approval of the minutes for the December 10, 2002 meeting. 8. Discussion of gradualism in policy-making (See briefing memoranda on Interest Rates Smoothing and on Monetary Policy Inertia circulated January 22, 2003). 9. Foreign currency and domestic open market operations. A. Report on foreign exchange market developments. B. Report on domestic market developments and action to ratify the open market transactions for System account since the meeting on December 10, 2002. 10. Economic situation. A. Staff report (Chart Show). B. Committee discussion. 11. Current monetary policy. A. Staff comments. B. Committee discussion. C. Action to adopt policy directive and "balance of risks" statement for press release. 12. Confirmation of date for next meeting (Tuesday, March 18, 2003).