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AGENDA FEDERAL OPEN MARKET COMMITTEE Tuesday, May 15, 2001, at 9:00 a.m. 1. Photographs of the Committee. 2. Approval of the minutes for the March 20, 2001, meeting. 3. 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 March 20, 2001. C. Renewal of reciprocal currency arrangements with Canada and Mexico. 4. Economic situation. A. Staff report. B. Committee discussion. 5. Current monetary policy. A. Staff comments. B. Committee discussion. C. Action to adopt directive. 6. Confirmation of date for next meeting (Tuesday-Wednesday, June 26-27, 2001).