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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
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