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Meeting of the Federal Open Market Committee November 26, 1980 Minutes of Actions A meeting of the Federal Open Market Committee was held on Wednesday, November 26, 1980, at 12:20 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. Gramley Mr. Guffey Mr. Morris Mr. Partee Mr. Rice Mr. Schultz Mrs. Teeters Mr. Wallich (New York) (Kansas City) (Boston) Messrs. Baughman (Dallas), and Eastburn (Philadelphia), Alternate Members of the Federal Open Market Committee Messrs. Black (Richmond), Corrigan (New York), and Ford (Atlanta), Presidents of the Federal Reserve Banks of Richmond, Minneapolis, 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), T. Davis (Kansas City), Eisenmenger (Boston), Ettin, Henry, Keir, Kichline, and Truman, Associate Economists Mr. Pardee (New York), Manager for Foreign Operations, System Open Market Account Mr. Sternlight (New York), Manager for Domestic Operations, System Open Market Account -2- Mr. Coyne, Assistant to the Board of Governors Mr. Beck, Senior Economist, Banking Section, Division of Research and Statistics, Board of Governors Mrs. Deck, Staff Assistant, Open Market Secretariat, Board of Governors Messrs. Boehne (Philadelphia), Brandt (Atlanta), Burns (Dallas), Fousek (New York), and Parthemos (Richmond), Senior Vice Presidents, Federal Reserve Banks of Philadelphia, Atlanta, Dallas, New York, and Richmond, respectively With Mrs. Teeters dissenting, the Committee modified the domestic policy directive adopted at its meeting on November 18, 1980, by increasing the upper limit of the 13 to 17 percent range specified for the federal funds rate to 18 percent. The meeting adjourned. Secretary
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