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Meeting of Federal Open Market Committee March 2, 1979 MINUTES OF ACTIONS A meeting of the Federal Open Market Committee was held on Friday, March 2, 1979, at 12:30 p.m., of Chairman Miller. at the call 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. Miller, Chairman Mr. Volcker, Vice Chairman Mr. Black Mr. Coldwell Mr. Kimbrel Mr. Mayo Mr. Partee Mrs. Teeters Mr. Wallich Mr. Guffey, Alternate (New York) (Richmond) (Atlanta) (Chicago) (Kansas City) Messrs. Morris (Boston), and Winn (Cleveland), Alternate Members of Federal Open Market Committee Messrs, Baughman (Dallas), Eastburn (Philadelphia), and Willes (Minneapolis), Presidents of the Federal Reserve Banks of Dallas, Philadelphia, and Minneapolis, respectively Mr. Mr. Mr. Mr. Altmann, Secretary Bernard, Assistant Secretary Guy, Deputy General Counsel (New York) Axilrod, Economist 3/2/79 - 2 Messrs. Burns (Dallas), J. Davis (Cleveland), R. Davis (New York), Ettin, Keir, Kichline, Truman, and Zeisel, Associate Economists Mr. Holmes (New York), Manager, System Open Market Account Mr. Sternlight (New York), Deputy Manager for Domestic Operations Mr. Pardee (New York), Deputy Manager for Foreign Operations Mr. Coyne, Assistant to the Board of Governors Ms. Farar, Economist, Open Market Secretariat, Board of Governors Mrs. Deck, Staff Assistant, Open Market Secretariat, Board of Governors Messrs. Moriarty (St. Louis), and Williams (San Francisco), First Vice Presidents, Federal Reserve Banks of St. Louis and San Francisco, respectively Messrs. T. Davis (Kansas City), Eisenmenger (Boston), Keran (San Francisco), Parthemos (Richmond), and Scheld (Chicago), Senior Vice Presidents, Federal Reserve Banks of Kansas City, Boston, San Francisco, Richmond, and Chicago, respectively Mr. Mullineaux (Philadelphia), Vice President, Federal Reserve Bank of Philadelphia Mr. Burger (St. Louis), Assistant Vice President, Federal Reserve Bank of St. Louis By unanimous vote, the Committee extended the terms of all present officers for the period until the election of 3/2/79 - 3 - officers at the organization meeting later in the current month. By unanimous vote, the Committee modified the domestic policy directive adopted at its meeting on February 6, 1979, to call for continuance of open market operations directed toward maintaining the weekly average Federal funds rate at about 10 per cent or slightly above. The meeting adjourned. Secretary
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