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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).