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Meeting of Federal Open Market Committee March 7, 1980 MINUTES OF ACTIONS A meeting of the Federal Open Market Committee was held on Friday, March 7, 1980. 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. Guffey Mr. Morris Mr. Partee Mr. Rice Mr. Roos Mr. Schultz Mrs. Teeters Mr. Wallich Mr. Winn (Kansas City) (Boston) (St. Louis) (San Francisco) (Cleveland) Messrs. Baughman (Dallas), Eastburn (Philadelphia), Timlen (New York), and Willes (Minneapolis), Alternate Members of the Federal Open Market Committee Messrs. Balles (San Francisco), and Kimbrel (Atlanta), Presidents of the Federal Reserve Banks of San Francisco and Atlanta, respectively Mr. Mr. Mr. Mr. Mr. Altmann, Secretary Bernard, Assistant Secretary Petersen, General Counsel Oltman(New York), Deputy General Counsel Axilrod, Economist Messrs. R. Davis (New York), Ettin, Keir, Kichline, and Truman, Associate Economists Mr. Sternlight (New York), Manager for Domestic Operations, System Open Market Account Mr. Pardee (New York), Manager for Foreign Operations, System Market Account 3/7/80 - 2 - Mr. Allison, Secretary, Office of the Secretary, Board of Governors Mr. Coyne, Assistant to the Board of Governors Ms. Farar, Economist, Open Market Secretariat, Board of Governors Mr. Burger (St. Louis), Assistant Vice President, Federal Reserve Bank of St. Louis By unanimous vote, the Committee raised the upper limit of the intermeeting range for the federal funds rate specified in the outstanding domestic policy directive to 18 percent, thereby, establishing a range of 11-1/2 to 18 percent. Secretary
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