Full text of Federal Open Market Committee Meeting Minutes, Transcripts, and Other Documents : Meeting, November 7-8, 2018 : Cover Memo: Corrected Version of "The Federal Reserve's Long-Run Operating Regime"

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Authorized for public release by the FOMC Secretariat on 1/12/2024

BOARD

OF

GOVERNORS

OF THE

FEDERAL RESERVE SYSTEM

DIVISION OF MONETARY AFFAIRS
FOMC SECRETARIAT

Date:

October 22, 2018

To:

Federal Open Market Committee

From:

James A. Clouse

Subject: Corrected Version of “The Federal Reserve’s Long-Run Operating Regime”
Attached is a corrected version of the background memo, “The Federal
Reserve’s Long-Run Operating Regime,” which was originally distributed on October
19, 2018. The last sentence on the second page of the memo now correctly refers to a
$200 billion buffer, as opposed to the incorrect $1,000 billion buffer in the initial
version. The corrected version of the full sentence is below:
“One initial staff estimate of the size of this buffer is $200 billion,
though it could be reduced by changing policies for the Federal
Reserve’s non-bank account holders.”

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