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Meeting of Federal Open Market Committee May 5, 1978 MINUTES OF ACTIONS A meeting of the Federal Open Market Committee was held on Friday, May 5, 1978, at 9:30 a.m. 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. PARTICIPATING: Mr. Miller Mr. Baughman Mr. Gardner Mr, Jackson Mr. Partee Mr. Wallich Mr. Willes Mr. Winn Mr. Volcker Mr. Black, Alternate for Mr. Eastburn (Dallas) (Minneapolis) (Plattsburg, Missouri) (New York) (Richmond) Mr. Broida, Secretary Mr. Altmann, Deputy Secretary Mr. O'Connell, General Counsel Mr. Axilrod, Economist Messrs. Burns (Dallas), R. Davis (New York), Kichline, Paulus (Minneapolis), and Truman, Associate Economists Mr. Holmes, Manager for System Open Market Account (New York) Mr. Pardee, Deputy Manager for Foreign Operations (New York) - 2 - 5/5/78 Mr. Sternlight, Deputy Manager for Domestic Operations (New York) Mr. Coyne, Assistant to the Board of Governors Mrs. Deck, Staff Assistant, Open Market Secretariat, Board of Governors Mr. Broaddus (Richmond), Vice President, Federal Reserve Bank of Richmond With Messrs. Black and Willes dissenting, the Committee directed the Desk, until further instructed, to seek to maintain the weekly-average Federal funds rate at about the prevailing level of 7-1/4 per cent, with any deviations tending to be in the direction of higher rather than lower funds rates. The meeting adjourned. Secretary Secretary
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