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	Minutes of the Federal Open Market Committee meeting held on March 28, 1995.(Transcript) - HighBeam Encyclopedia
		Open market operations during the intermeeting period were conducted with a view to maintaining the tighter policy stance adopted at the meeting and implemented immediately thereafter.
		Subsequently, most market interest rates declined considerably in response to both incoming data that were seen as indicating an appreciable slowing in the pace of economic expansion and statements by Federal Reserve officials that were viewed as suggesting that the period of monetary policy tightening might be coming to a close.
		In the Committee's discussion of current and prospective economic developments, the members agreed that the pace of the economic expansion was moderating, though the extent of the slowdown was not yet clear.
	www.encyclopedia.com /doc/1G1-17102207.html (6073 words)

	The Structure of the Federal Reserve System
		The FOMC is composed of the seven members of the Board of Governors and five Reserve Bank presidents.
		Finally, the Committee must reach a consensus regarding the appropriate course for policy, which is incorporated in a directive to the Federal Reserve Bank of New York—the Bank that executes transactions for the System Open Market Account.
		Open market operations as directed by the FOMC are the major tool used to influence the total amount of money and credit available in the economy.
	www.federalreserve.gov /pubs/frseries/frseri2.htm (986 words)

	Federal Open Market Committee as supplied by EagleTraders.com
		The Federal Open Market Committee (FOMC) was created by Section 12-A of the Federal Reserve Act, as added by the BANKING ACT OF 1933, completely revised by the BANKING ACT OF 1935, and amended by the Act of July 7, 1942 (56 Stat.
		The manager is appointed by the FOMC and customarily is a senior officer of the New York Fed. The account manager attends the FOMC meetings to report on domestic operations, as well as to be fully informed of the discussions leading to adoption of the committee’s directives to him.
		It is released along with the policy record summarizing the committee's assessment of the country's economic and financial position at the time of the meeting and the discussion by the members of the appropriate course for policy during the period ahead.
	www.eagletraders.com /advice/securities/federal_open_market_com.htm (2635 words)

	Federal Open Market Committee - Wikipedia, the free encyclopedia
		The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, is charged under U.S. law with overseeing open market operations in the United States, and is the principal tool of US national monetary policy.
		(Open market operations are the buying and selling of government securities.) The Committee sets monetary policy by specifying the short-term objective for those operations, which is currently a target level for the federal funds rate (the rate that commercial banks charge on overnight loans among themselves).
		The Federal Open Market Committee was created by statute currently codified at 12 U.S.C., and consists of twelve voting members: the seven members of the Federal Reserve Board and five of the twelve Federal Reserve Bank presidents.
	en.wikipedia.org /wiki/Federal_Open_Market_Committee (571 words)

	Minutes of the FOMC meeting of Aug. 24, 1999
		At this meeting, the Committee considered a number of proposals whose purpose was to enhance the Manager's ability to counter potential liquidity strains in money and financing markets in the period surrounding the century date change and in the process help to assure the effective implementation of the Committee's monetary policy objectives.
		Open market operations immediately after the meeting were directed toward implementing the desired, slightly greater pressure on reserve positions, and the federal funds rate averaged very close to the Committee's 5 percent target over the intermeeting period.
		In the Committee's discussion of policy for the period ahead, the members with one exception favored a proposal for a slight tightening of conditions in reserve markets that would be consistent with an increase in the federal funds rate to an average of about 5-1/4 percent.
	www.uncp.edu /home/frederick/ECN304/19990824.htm (5539 words)

	In Plain English - St. Louis Fed (Site not responding. Last check: 2007-10-29)
		The chairman of the FOMC is also the chairman of the Board of Governors.
		The FOMC typically meets eight times a year in Washington, D.C. At each meeting, a senior official of the Federal Reserve Bank of New York discusses developments in the financial and foreign exchange markets, as well as activities of the New York Fed's domestic and foreign trading desks.
		Open market purchases of government securities increase the amount of reserve funds that banks have available to lend, which puts downward pressure on the federal funds rate.
	www.stls.frb.org /publications/pleng/fomc.html (349 words)

	Federal Open Market Committee - Fedpoints - Federal Reserve Bank of New York (Site not responding. Last check: 2007-10-29)
		The president of the Federal Reserve Bank of New York is a permanent voting member of the Committee, and the presidents of the other Reserve Banks serve one-year terms as voting members in a rotation that is set by law.
		By tradition, the Chairman of the Board of Governors serves as FOMC chairman and the president of the New York Fed as FOMC vice chairman.
		In addition, the FOMC announces its monetary policy decision and states whether economic conditions pose a greater risk to its goal of price stability or to its goal of sustainable growth or whether the risks are equal.
	www.ny.frb.org /aboutthefed/fedpoint/fed48.html (1192 words)

	FindLaw for Legal Professionals - Case Law, Federal and State Resources, Forms, and Code
		The FOMC 4 is charged with conducting open market operations "with a view to accommodating commerce and business and with regard to their bearing upon the general credit situation of the country." 263 (c).
		The Federal Reserve Board is required by statute to keep a record of all policy actions taken by the FOMC with respect to open market operations.
		The Committee, instead, concentrated on the contention that premature disclosure would seriously disrupt the conduct of open market operations, and continued to urge that the policy of delayed disclosure was authorized by Exemption 5.
	caselaw.lp.findlaw.com /scripts/getcase.pl?court=us&vol=443&invol=340 (7991 words)

	Surprising optimism of the Federal Open Market Committee.Rate dynamics and recommendations on USD-CHF and USD-CAD. by ...
		Yesterday, the Federal Open Market Committee members made a decision to raise its target for the federal funds rate by 25 basis points to 1-1/2 percent.
		The key question for the market is the probability of further rate hikes that the FRS might or might not carry out this year.
		The Committee points at the fact that “ the economy nevertheless appears poised to resume a stronger pace of expansion going forwardThe Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters are roughly equal.
	www.openforex.com /en/news/20040811/forex_forecasts/article591 (717 words)

	FRB: Federal Open Market Committee
		The Federal Open Market Committee consists of twelve members: the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and, for the remaining four memberships, which carry a one-year term, a rotating selection of the presidents of the eleven other Reserve Banks.
		The FOMC holds eight regularly scheduled meetings per year to direct the conduct of open market operations by the Federal Reserve Bank of New York in a manner designed to foster the long-run objectives of price stability and sustainable economic growth.
		January 19, 2000, the FOMC issues, shortly after each of its meetings, a statement that includes its assessment of the risks in the foreseeable future to the attainment of its long-run goals of price stability and sustainable economic growth.
	www.harpercollege.edu /mhealy/eco212/lectures/money/FOMC.html (354 words)

	FRB: Federal Open Market Committee
		The federal funds rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.
		The Federal Open Market Committee (FOMC) consists of twelve members--the seven members of the Board of Governors of the Federal Reserve System; the president of the Federal Reserve Bank of New York; and four of the remaining eleven Reserve Bank presidents, who serve one-year terms on a rotating basis.
		Procedures adopted by the FOMC provide for the public release of transcripts for an entire year of meetings with a five-year lag.
	www.federalreserve.gov /fomc (586 words)

	Financial Options » Federal Open Market Committee Minutes Emphasize Continued Inflation Risk (Site not responding. Last check: 2007-10-29)
		There were no open market operations in foreign currencies for the System’s account in the period since the previous meeting.
		In these circumstances, the Committee judged that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance, but reiterated that in any event the Committee would respond to changes in economic prospects as needed to foster these objectives.
		Although the Committee discussed policy approaches ranging from leaving the stance of policy unchanged at this meeting to increasing the federal funds rate 50 basis points, all members believed that an additional 25 basis point firming of policy was appropriate today to keep inflation from rising and promote sustainable economic expansion.
	financial.tom-hanna.org /?p=387 (4244 words)

	Selected comments from Federal Reserve Chairman Alan Greenspan - (washingtonpost.com)
		Federal Reserve Chairman Alan Greenspan says that the U.S. economy is in generally good health but will suffer in coming years unless Congress slows the growth of federal budget deficits.
		Federal Reserve Chairman Alan Greenspan said, for the first time explicitly, that he expects tax increases to be part of any eventual agreement to reduce the federal budget deficit.
		I doubt it." "I think only that the market's already presumed that they are permanent and that the only thing that probably could have a negative effect later on is that when the markets find out they may be wrong.
	www.washingtonpost.com /wp-srv/business/articles/greenspan_comments.html (2222 words)

	Federal Open Market Committee - FOMC
		The FOMC is composed of the Board of Governors, which has seven members, and five reserve-bank presidents.
		The president of the Federal Reserve Bank of New York serves continuously, while the presidents of the other reserve banks rotate in their service of one-year terms.
		The meetings of the committee, which are secret, are the subject of much speculation on Wall Street, as analysts try to guess whether the Fed will tighten or loosen the money supply, thereby causing interest rates to rise or fall.
	baystreet.investopedia.com /terms/f/fomc.asp (236 words)

	Bloomberg.com: Worldwide
		A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, October 24, 2006 at 2:00 p.m.
		The Committee's accompanying statement indicated that the moderation in economic growth had appeared to be continuing, partly reflecting a cooling of the housing market.
		However, the possibility that the tightness of the labor market could lead to a sustained increase in wage pressure was viewed by participants as an upside risk to costs and their expectations of a gradual decline in inflation.
	www.bloomberg.com /apps/news?pid=20601087&sid=aQkcGFLqzGDo&refer=home (4244 words)

	Minutes of the Federal Open Market Committee - Apr. 18, 2006
		In these circumstances, the Committee judged that some further policy firming may be needed to keep the risks to the attainment of both sustainable economic growth and price stability roughly in balance but reiterated that it would respond to changes in economic prospects as needed to foster its objectives.
		In the housing market, for instance, some downshift from the rapid price increases and strong activity of recent years seemed to be underway, but the magnitude of the adjustment and its effects on household spending were hard to predict.
		In the Committee's discussion of monetary policy for the intermeeting period, all members favored raising the target federal funds rate 25 basis points to 4¾ percent at this meeting.
	money.cnn.com /2006/04/18/news/economy/fed_fomc/index.htm (3989 words)

	EconEdLink \| EconomicsMinute \| A Case Study: The Federal Reserve System and Monetary Policy - December 12, 2006
		Following Federal Open Market Committee announcements, newspapers across the country have front-page stories about Federal Reserve actions to change the target for interest rates with a goal of either boosting spending and employment in the U.S. economy or slowing growth in spending and employment.
		The FOMC had lowered the target federal funds rate in a series of steps beginning in July of 1990 until September of 1992, all in response to a recession beginning in July of 1990 and ending in March of 1991.
		Then as the economy began to recover from the recession and the FOMC turned to concerns that the economy did not need as much stimulation, a series of increases in the target were undertaken and are continued until June 2006.
	www.econedlink.org /lessons/index.cfm?lesson=EM220 (2464 words)

	Path to Investing — The Federal Reserve System: The Federal Open Market Committee (FOMC) & the Fed Chairman (Site not responding. Last check: 2007-10-29)
		The Federal Open Market Committee (FOMC), under the leadership of the Fed chairman, decides whether to increase, decrease, or make no change in the money supply at each of its regularly scheduled meetings.
		To come to its decision, the committee discusses what Fed research reveals about the current state of the economy and its future prospects in each of the 12 bank districts and in the country as a whole.
		Following each meeting, the FOMC issues what’s known as a risk statement, indicating if it thinks that inflation or economic weakness pose a potential threat to the economy.
	pathtoinvesting.org /categories/howmarketswork/thefed/thefed_041.htm (238 words)

	Federal Open Market Committee Definition
		This committee consists of 7 members of the Board of Governors, and 5 of the 12 Federal Reserve Bank Presidents.
		This group, headed by the Chairman of the Federal Reserve Board, sets interest rates either directly (by changing the discount rate) or through the use of open market operations (by buying and selling government securities which affects the federal funds rate).
		This rate is set during the FOMC meetings by the regional banks and the Federal Reserve Board.
	www.investorwords.com /1908/Federal_Open_Market_Committee.html (359 words)

	Federal Open Market Committee statements Federal Reserve Bulletin - Find Articles
		The Federal Open Market Committee decided on November 10, 2004, to raise its target for the federal funds rate 25 basis points, to 2 percent.
		The Committee perceives the upside and downside risks to the attainment of both sustainable growth and price stability for the next few quarters to be roughly equal.
		The Federal Open Market Committee decided on December 14, 2004, to raise its target for the federal funds rate 25 basis points, to 2 1/4 percent.
	www.findarticles.com /p/articles/mi_m4126/is_1_91/ai_n15378970 (641 words)

	Policymaking on the Federal Open Market Committee (FOMC): (05/31/2005)
		In January 2000, the FOMC introduced a statement describing the “balance of risks” to the outlook, and in March 2002 began releasing the votes of individual Committee members and the preferred policy choices of any dissenters.
		My sense is that FOMC participants are highly motivated to cooperate in seeking, finding, and articulating a Committee consensus, and their ability to do so enhances the credibility, legitimacy, and likely effectiveness of monetary policy.
		Since one FOMC cannot bind future FOMCs, the potential for discontinuity could be large if individual views on the appropriate numerical objective were to change significantly over time or as a result of changes in the membership.
	www.frbsf.org /news/speeches/2005/0531.html (1682 words)

	Federal Open Market Operations (Site not responding. Last check: 2007-10-29)
		Managed by the Federal Open Market Committee (FOMC) and carried out by the Federal Reserve Bank of New York (FRBNY) directly with banks or indirectly through private securities dealers, it is the buying and selling of Treasury securities to expand or contract the liquidity and the supply of funds in the U.S. monetary system.
		This market is has subclasses of securities maturing from 1-10 years and those maturing in a longer period.
		Another market, known as the derivatives market, trades instruments whose value is based on the price(s) of instruments in one of the three markets above.
	www.brazosport.cc.tx.us /~econ/arch/FOMC.html (687 words)

	Fed man's hand - Jun. 22, 2003
		Money market funds are the big buyer of commercial paper, the short-term debt instrument that companies use to fund day-to-day operations.
		Because the market is so divided over how far it is going to go on rates, and because an upbeat market has come to be seen as such an important factor getting the economy revved up, the Fed will probably resort what has lately been the most powerful in its arsenal: Its jawbone.
		The market is divided over whether it will cut the fed funds rate, currently at 1.25 percent, by a quarter point or a half.
	money.cnn.com /2003/06/20/markets/sun_lookahead/index.htm (996 words)

	Committee Decisions on Monetary Policy: Evidence from Historical Records of the Federal Open Market Committee - Wal-Mart
		In the United States, these decisions are made by the Federal Reserve's Federal Open Market Committee (FOMC), which consists of the seven members of the Board of Governors and the presidents of the twelve district banks.
		The latter sources have been used to construct data sets describing individual committee members' policy preferences for the 1970-1978 and 1987-1996 periods when the FOMC was chaired by Arthur Burns and Alan Greenspan, respectively.
		The rich anecdotal evidence found in the Memoranda of Discussion and FOMC Transcripts inspires the narrative approach taken in two chapters, on the influence of political pressure on FOMC deliberations and on the relevance of the time inconsistency problem for the rise of inflation in the 1970s.
	www.walmart.com /catalog/product.gsp?product_id=3501744 (631 words)

	Federal Reserve Bank of Minneapolis - About the Fed - United States Monetary Policy (Site not responding. Last check: 2007-10-29)
		Monetary policy is made by the Federal Open Market Committee, which consists of the Board of Governors of the Federal Reserve System and the Reserve Bank presidents.
		When the Federal Reserve System was established in 1913, lending reserve funds through the discount window was intended as the principal instrument of central banking operations.
		Although the window was long ago superseded by open market operations as the most important tool of monetary policy, it still has a complementary role in the day-to-day implementation of policy.
	woodrow.mpls.frb.fed.us /info/policy (494 words)

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