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Authorized for Public Release Class III FOMC – Internal (FR) AGENDA FEDERAL OPEN MARKET COMMITTEE Wednesday, November 7, 2018, at 1:00 p.m. and continuing on Thursday, November 8, 2018, at 9:00 a.m. 1. Special Topic: Long-Run Monetary Policy Implementation Frameworks. A. Staff report. (See background memos distributed October 22, 2018. 1) B. Committee discussion. (See go-round questions distributed with background memos on October 22, 2018.1) 2. Financial developments and open market operations. A. Staff report on market developments and operations. B. Participant comments on a potential technical adjustment to the interest rate on excess reserves balances. C. Action to ratify the open market transactions for the System account since the September meeting. 3. Economic and financial situation. A. Staff report. B. Opportunity for Committee participants to comment on financial stability issues. (See documents distributed October 24, 2018.) C. Committee discussion of economic developments and outlook. 4. Current monetary policy. A. Staff comments. B. Committee discussion. C. Action to adopt directive and statement. 5. Update from the subcommittee on communications. 6. Confirmation of the date for the next meeting (Tuesday–Wednesday, December 18– 19, 2018). 1 The background memos on this topic were initially distributed on Friday, October 19, 2018, and were redistributed on Monday, October 22, 2018, with a correction to the first background memo in the package. -1-