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AGENDA
FEDERAL OPEN MARKET COMMITTEE
Tuesday,

September 18,

1979

9:30 a.m.
ALL BOARD MEMBERS EXPECTED TO ATTEND.
10 RESERVE BANK PRESIDENTS ARE EXPECTED TO ATTEND; TOM TIMLEN
WILL REPRESENT NEW YORK AND TOM GAINOR WILL REPRESENT MINNEAPOLIS.

1.

Approval of minutes of actions taken at the meeting of the
Federal Open Market Committee on August 14, 1979.

2.

Foreign currency operations.
A.

Report on operations since the meeting of the Committee
on August 14, 1979.
Scott Pardee

B.

Action to ratify transactions since the previous
meeting.

C.

Recommendations with respect to operations.
Scott Pardee

3.

Domestic open market operations.
A.

Report on open market operations since the meeting of
the Committee on August 14, 1979.
Peter Sternlight

B.

Action to ratify transactions since the previous
meeting.

4.

Staff report on economic situation.

5.

Comments by Economist

Jim Kichline

on prospective financial relationships.
Steve Axilrod

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6.

Committee discussion of economic situation and policy
implications.

7.

Current monetary policy and domestic policy directive.
A.

Committee discussion.

B.

Action to adopt policy directive.

8.

Review of authority for lending securities from System
Open Market Account.
(See forthcoming memoranda.)
Peter Sternlight and Neal Petersen are available to answer
questions.

9.

Confirmation of date for next meeting, October 16, 1979.