FOMC Minutes

Meeting of the Federal Open Market Committee December 5, 1980 A meeting of the Federal Open Market Committee was held on Friday, December 5, 1980, at 2:10 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 participating. PRESENT: Mr. Volcker, Chairman Mr. Solomon, Vice Chairman Mr. Gramley Mr. Guffey Mr. Morris Mr. Partee Mr. Rice Mr. Roos Mrs. Teeters Mr. Wallich Mr. Winn (New York) (Kansas City) (Boston) (St. Louis) (Cleveland) Messrs. Balles (San Francisco), Baughman (Dallas), Eastburn (Philadelphia), Mayo (Chicago), and Timlen (New York), Alternate Members of the Federal Open Market Committee Mr. Corrigan (Minneapolis), President of the Federal Reserve Bank of Minneapolis Mr. Mr. Mr. Mr. Altmann, Secretary Bernard, Assistant Secretary Oltman (New York), Deputy General Counsel Axilrod, Economist Messrs. Balbach (St. Louis), J. Davis (Cleveland), R. Davis (New York), T. Davis (Kansas City), Eisenmenger (Boston), Ettin, Henry, Keir, Kichline, Truman, and Zeisel, 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 - 2 - 11/18/80 Mr. Coyne, Assistant to the Board of Governors Mr. Beck, Senior Economist, Banking Section, Division of Research and Statistics, Board of Governors Messrs. Boehne (Philadelphia), Burns (Dallas), Fousek (New York), Keran (San Francisco), and Scheld, Senior Vice Presidents, Federal Reserve Banks of Philadelphia, Dallas, New York, San Francisco, and Chicago, respectively Mr. Meek (New York), Monetary Adviser, Federal Reserve Bank of New York Mrs. Nichols (Chicago), Vice President, Federal Reserve Bank of Chicago Mr. Campbell (New York), Assistant Secretary, Federal Reserve Bank of New York With Mrs. Teeters and Mr. Wallich dissenting, the Committee modified the domestic policy directive adopted at its meeting on November 18, 1980, and subsequently modified in a telephone meeting on November 26, to take account of the action of the Board of Governors on December 4 to raise discount rates by providing leeway for pursuit of the Committee's short-run objectives for the behavior of reserve aggregates without operations being precisely con strained in the current statement week by the 18 percent upper limit of the intermeeting range for the federal funds rate. The meeting adjourned. Secretary

Federal Reserve (1980, December 4). FOMC Minutes. Fomc Minutes, Federal Reserve. https://whenthefedspeaks.com/doc/fomc_minutes_19801205

@misc{wtfs_fomc_minutes_19801205,
  author = {Federal Reserve},
  title = {FOMC Minutes},
  year = {1980},
  month = {Dec},
  howpublished = {Fomc Minutes, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/fomc_minutes_19801205},
  note = {Retrieved via When the Fed Speaks corpus}
}