FOMC Minutes

Meeting of Federal Open Market Committee May 6, 1980 MINUTES OF ACTIONS A meeting of the Federal Open Market Committee was held on Tuesday, May 6, 1980. 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. Guffey Mr. Morris Mr. Rice Mr. Roos Mr. Schultz Mr. Solomon Mrs. Teeters Mr. Wallich (Kansas City) (Boston) (St. Louis) (New York) Messrs. Baughman (Dallas), Eastburn (Philadelphia), Mayo (Chicago), and Willes (Minneapolis), Alternate Members of the Federal Open Market Committee Messrs. Balles (San Francisco), and Black (Richmond), Presidents of the Federal Reserve Banks of San Francisco and Richmond Mr. Mr. Mr. Mr. Altmann, Secretary Bernard, Assistant Secretary Petersen, General Counsel Axilrod, Economist Messrs. Balbach (St. Louis), J. Davis (Cleveland), T. Davis (Kansas City), Eisenmenger (Boston), Kichline, Truman, and Zeisel, Associate Economists Mr. Sternlight (New York), Manager for Domestic Operations, System Open Market Account Mr. Coyne, Assistant to the Board of Governors 5/6/80 - 2 Mrs. Deck, Staff Assistant, Open Market Secretariat Messrs. Forrestal (Atlanta), and MacDonald (Cleveland), First Vice Presidents, Federal Reserve Banks of Atlanta and Cleveland Messrs. Brandt (Atlanta), Boehne (Philadelphia), Burns (Dallas), and Scheld (Chicago), Senior Vice Presidents, Federal Reserve Banks of Atlanta, Philadelphia, Dallas, and Chicago, respectively Messrs. Bisignano (San Francisco), Broaddus (Richmond), Cacy (Kansas City), and Danforth (Minneapolis), Vice Presidents, Federal Reserve Banks of San Francisco, Richmond, Kansas City, and Minneapolis, respectively With Messrs. Guffey, Solomon, and Wallich dissenting the Committee reduced the lower limit of the intermeeting range for the federal funds rate specified in the outstanding domestic policy directive to 10-1/2 percent, thereby, establishing a range of 10-1/2 to 19 percent. Secretary

Federal Reserve (1980, May 5). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19800506

@misc{wtfs_fomc_minutes_19800506,
  author = {Federal Reserve},
  title = {FOMC Minutes},
  year = {1980},
  month = {May},
  howpublished = {Fomc Minutes, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_minutes_19800506},
  note = {Retrieved via When the Fed Speaks corpus}
}