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Introduction • Institutional Details • Typical Meeting • Meeting on January 30 & 31, 1996 • Key Public Policy Issues 38 Institutional Details • Composition - 7 Governors - New York Fed president - A president from each of the following groups: * Boston, Philadelphia, Richmond * Cleveland, Chicago * Atlanta, Dallas, St. Louis * Minneapolis, Kansas City, San Francisco Institutional Details • Role - Direct open-market operations of Reserve Banks • Meetings - Regular - 8 times per year in Washington wasnington I A ^ - Other - upon the call of Fed Chairman A * W> or at request of any 3 members . <2 0 J or frrrl^ fA^ 39 http://fraser.stlouisfed.org/^ S * Federal Reserve Bank of St. Louis 0^Lncj^^r€Z 6JI <hL.Tl<h£7<— p^iTfo^U .7 </* T V > J ^ &*-*£ dot '« Typical Meeting r t Approval of minutes i) Report of manager fo^forei domestic operations - Approval of transactions Staff economic briefing Committee discussion of economy Staff policy briefing Committee discussion of policy options Vote on directive ( (J r*\JOT€Z) Press release ($£*T £*'/ f^-o-x il7*+'n ^ ^ Meeting on January 30 & 31,1996 • Action taken - discount rate cut 25 basis points to 5 percent - full amount allowed to show through to reserve market, resulting in Fed Funds rate of 5 1 / 4 percent • Basis of action - moderating economic expansion, reduced potential inflationary pressures I - price and cost trends already subdued • Subsequent developments 0*^ 0 ^ i i* I/NJAI^TI (-'I ^ yBlue Chip GDP Forecasts for 1996 4 -I 3.5 3 2.5 1 2 -H H 1.5 - - 1- - 0.5 - 1-1 - 0 -H - - - - - - - h^ F h- 1 - - - hr J H i-i M - - - - hr h^ A M h-^ h J J 1 A 1 1 S O 1 N 1 1 D Blue Chip CPI Forecasts for 1996 4 T 3.5 -T-rn-n-n-rhr>rT^ 2.5 - - - - - - - - - - - - - - 2 - - - - - - - - - - - - - - - - - - 1.5 - - - - - - - - - - - - - - 1- - - - - - - - - - - - - - - - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 0 5 0 I i i i—hr—i i i i i— i i—hr—'i' 'r 'r—'r J F M A M J J A S O N D J FMAMJ ' r — h — i — i — i — i — i J A S O N Michigan Mean Inflation Expectations Before January 30-31,1996 Meeting Jan-95 Apr-95 Jul-95 Oct-95 Jan-96 (^ Michigan Mean Inflation Expectations 1 After January 30-31,1996 Meeting 3 H Jan-95 1 1 1 Apr-95 1 1 1 Jul-95 1 1 1 Oct-95 1 1 1 Jan-95 -95 1 1 1 1 Apr-95 42 Interest Rates Before January 30-31,1996 Meeting Jan 95 Apr 95 Jul 95 Oct 95 Jan 96 Apr 96 Interest Rates After January 30-31,1996 Meeting Key Pkblic Policy Issues • Appropriated objective(s) of monetary policyprice stability, short-run fine tuning or both • Accountabilityof committee and individual members • Openness ability to deliberate versus disclosure /
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