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Class III FOMC – Internal (FR) AGENDA FEDERAL OPEN MARKET COMMITTEE Tuesday, September 20, 2005 at 9:00 a.m. 1. Foreign currency and domestic open market operations. A. Report on market developments. B. Action to ratify the open market transactions for the System account since the August meeting. 2. Economic situation. A. Staff report. B. Committee discussion. 3. Current monetary policy. A. Staff comments. B. Committee discussion. C. Action to adopt directive. 4. Confirmation of the date for next meeting (Tuesday, November 1, 2005).