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Meeting of the Federal Open Market Committee February 24, 1981 Minutes of Actions A meeting of the Federal Open Market Committee was held on Tuesday, February 24, 1981, at 12:00 noon, 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 participating. PRESENT: Mr. Volcker, Chairman Mr. Solomon 1/, Vice Chairman Mr. Gramley Mr. Guffey Mr. Morris Mr. Partee Mr. Rice Mr. Roos Mr. Schultz Mrs. Teeters Mr. Winn (New York) (Kansas City) (Boston) (St Louis) (Cleveland) Messrs. Boykin (Dallas), and Mayo (Chicago), Alternate Members of the Federal Open Market Committee Messrs. Black (Richmond), and Corrigan (Minneapolis), Presidents of the Federal Reserve Banks of Richmond and Minneapolis, respectively 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 1/ Left the meeting prior to the vote to adopt a modification of the domestic policy directive. - 2 - 2/24/81 Mr. Pardee (New York), Manager for Foreign Operations, System Open Market Account Mr. Sternlight (New York), Manager for Domestic Operations, System Open Market Account Mr. Coyne, Assistant to the Board of Governors Mr. Prell, Associate Director, Division of Research and Statistics, Board of Governors Mrs. Steele, Economist, Open Market Secretariat, Board of Governors Mr. Smoot (Philadelphia), First Vice President, Federal Reserve Bank of Philadelphia Messrs. Burns (Dallas), Danforth (Minneapolis) Keran (San Francisco), Koch (Atlanta), Parthemos (Richmond), Scheld and Syron, Senior Vice Presidents, Federal Reserve Banks of Dallas, Minneapolis, San Francisco, Atlanta, Richmond, Chicago, and Boston, respectively Mrs. Nichols (Chicago), Vice President, Federal Reserve Bank of Chicago Mr. Campbell (New York), Assistant Secretary, Federal Reserve Bank of New York With Mr. Roos dissenting, the Committee adopted the following modification of policy directive adopted on February 3, 1981: "In light of the relatively strong growth of M-2 and M-3 and the substantial easing recently in money market conditions, as well as uncertainties about the interpretation of the behavior of M-1, the Committee on February 24 agreed to accept some shortfall in growth of M-1A and M-1B from the specified rates in the domestic policy directive adopted on February 3 as consistent with developments in the aggregates generally and the objectives for the year." The meeting adjourned. Secretary
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