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Meeting of the Federal Open Market Committee
December 5, 1980

A meeting of the Federal Open Market Committee was held on Friday,
December 5, 1980, at 2:10 p.m., at the call of Chairman Volcker.

This was a

telephone conference meeting, and each individual was in Washington, D. C.,
except as otherwise indicated in parentheses in the following list of those

Mr. Volcker, Chairman
Mr. Solomon, Vice Chairman
Mr. Gramley
Mr. Guffey
Mr. Morris
Mr. Partee
Mr. Rice
Mr. Roos
Mrs. Teeters
Mr. Wallich
Mr. Winn

(New York)
(Kansas City)

(St. Louis)


Messrs. Balles (San Francisco), Baughman (Dallas), Eastburn
(Philadelphia), Mayo (Chicago), and Timlen (New York),
Alternate Members of the Federal Open Market Committee
Mr. Corrigan (Minneapolis), President of the Federal Reserve
Bank of Minneapolis

Altmann, Secretary
Bernard, Assistant Secretary
Oltman (New York), Deputy General Counsel
Axilrod, Economist

Messrs. Balbach (St. Louis), J. Davis (Cleveland),
R. Davis (New York), T. Davis (Kansas City),
Eisenmenger (Boston), Ettin, Henry, Keir,
Kichline, Truman, and Zeisel, Associate Economists
Mr. Pardee (New York), Manager for Foreign Operations,
System Open Market Account
Mr. Sternlight (New York), Manager for Domestic
Operations, System Open Market Account

- 2 -


Mr. Coyne, Assistant to the Board of Governors
Mr. Beck, Senior Economist, Banking Section, Division of
Research and Statistics, Board of Governors
Messrs. Boehne (Philadelphia), Burns (Dallas), Fousek
(New York), Keran (San Francisco), and Scheld,
Senior Vice Presidents, Federal Reserve Banks of
Philadelphia, Dallas, New York, San Francisco, and
Chicago, respectively
Mr. Meek (New York), Monetary Adviser, Federal Reserve
Bank of New York
Mrs. Nichols (Chicago), Vice President, Federal Reserve
Bank of Chicago
Mr. Campbell (New York), Assistant Secretary, Federal
Reserve Bank of New York
With Mrs. Teeters and Mr. Wallich dissenting, the Committee modified
the domestic policy directive adopted at its meeting on November 18, 1980, and
subsequently modified in a telephone meeting on November 26, to take account
of the action of the Board of Governors on December 4 to raise discount rates
by providing leeway for pursuit of the Committee's short-run objectives for
the behavior of reserve aggregates without operations being precisely con
strained in the current statement week by the 18 percent upper limit of the
intermeeting range for the federal funds rate.
The meeting adjourned.