View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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

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)

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

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


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.