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Meeting of the Federal Open Market Committee May 6, 1981 Minutes of Actions A meeting of the Federal Open Market Committee was held on Wednesday, May 6, 1981, at 2:30 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 participating. PRESENT: Mr. Volcker, Chairman Mr. Solomon, Vice Chairman Mr. Boehne Mr. Boykin Mr. Corrigan Mr. Gramley Mr. Rice Mr. Schultz Mrs. Teeters (New York) (Philadelphia) (Dallas) Messrs. Balles (San Francisco), Black (Richmond), Ford (Atlanta), Timlen (New York), and Winn (Philadelphia), Alternate Members of the Federal Open Market Committee Messrs. Guffey (Kansas City), Morris (Boston), and Roos (St. Louis), Presidents of the Federal Reserve Banks of Kansas City, Boston, and St. Louis, respectively Mr. Axilrod, Staff Director Mr. Bernard, Assistant Secretary Mrs. Steele, Deputy Assistant Secretary Mr. Mannion, Assistant General Counsel Mr. Kichline, Economist Messrs. Burns (Dallas), Danforth (Minneapolis), Ettin, Keir, Mullineaux (Philadelphia), Prell, Scheld (Chicago), Truman, and Zeisel, Associate Economists Mr. Sternlight (New York), Manager for Domestic Operations, System Open Market Account Mr. Pardee (New York), Manager for Foreign Operations, System Open Market Account - 2 - 5/6/81 Mr. Coyne, Assistant to the Board of Governors Mrs. Deck, Staff Assistant, Open Market Secretariat, Board of Governors Mr. Doyle (Chicago), First Vice President, Federal Reserve Bank of Chicago Messrs. Balbach (St. Louis), J. Davis (Cleveland), Eisenmenger (Boston), Fousek (New York), Keran (San Francisco), Koch (Atlanta), and Parthemos (Richmond), Senior Vice Presidents, Federal Reserve Banks of St. Louis, Cleveland, Boston, New York, San Francisco, Atlanta, and Richmond, respectively Mr. Gambs (Kansas City), Assistant Vice President, Federal Reserve Bank of Kansas City By unanimous vote the Committee agreed that through the period before the next regular meeting the reserve path should continue to be set on the basis of the short-run objectives for monetary growth established at its meeting on March 31, recognizing that the federal funds rate might continue to exceed the upper end of the range indicated for consultation at the March 31 meeting. The meeting adjourned. Secretary
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