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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

Mr. Volcker, Chairman
Mr. Solomon, Vice Chairman
Mr. Boehne
Mr. Boykin
Mr. Corrigan
Mr. Gramley
Mr. Rice
Mr. Schultz
Mrs. Teeters

(New York)

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

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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,
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.