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Meeting of Federal Open Market Committee
September 8, 1978
MINUTES OF ACTIONS

A meeting of the Federal Open Market Committee was
held on Friday, September 8, 1978, at 10:30 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.
Mr.
Mr.
Mr.
Mr.

Miller
Coldwell
Eastburn
Gardner
Jackson

(New Hampshire)

Mr. Partee

(North Carolina)

Mr. Willes
Mr. Winn
Mr. Volcker
Mr. Kimbrel, Alternate
for Mr. Baughman

(Minneapolis)
(Cleveland)
(New York)
(Atlanta)

Mr. Bernard, Assistant Secretary
Mr. O'Connell, General Counsel
Mr. Axilrod, Economist
Messrs. J. Davis (Cleveland), Kichline,
Paulus (Minneapolis), and Truman,
Associate Economists
Mr. Pardee, Deputy Manager for Foreign
Operations (New York)
Mr. Coyne, Assistant to the Board of
Governors
Mr. Timlen (New York), First Vice
President, Federal Reserve Bank
of New York

9/8/78

- 2
Mr. Fousek (New York), Vice President,
Federal Reserve Bank of New York
Mr. Meek (New York), Monetary Adviser,
Federal Reserve Bank of New York
By unanimous vote, the Committee modified the domestic

policy directive adopted at its meeting of August 15, 1978, by
increasing the upper limit of the 7-3/4 to 8-1/4 per cent range
specified for the Federal funds rate to 8-1/2 per cent and by
calling for operations directed at raising the weekly-average
Federal funds rate promptly to 8-3/8 per cent.
The meeting adjourned.

Secretary