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fomc
2,002
And that's better because?
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Again, from my perspective it's more a political issue than an economic one because I would not like to sit here at each meeting and tell you that a particular policy is the optimal one. I don't believe it's the staff's role to say that you should be cutting the funds rate 25 or 50 basis points, or that you ought to be...
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I think one could also say that the mechanical application of the policy made under a perfect foresight rule suggests perhaps more confidence in the exact structure of FRB/US than anybody around the table actually has. In particular, one property it has is the ability for monetary policy to have an almost contemporaneo...
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I agree, but there is an implied objective function in what does get put into the baseline, and I think it had some interesting characteristics this time.
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Governor Gramlich.
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Let me just say on this issue that I don't think anybody has to apologize for not using the model ultra-precisely. I always look at the perfect foresight simulations, and the main thing I was worried about this time was what would happen if we lowered rates now. Would that be consistent with the outcome that we would l...
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Other questions for Brian? If not, this is the place where I usually hold court for an hour and a half. [Laughter] Since I don't have anything to say at the moment other than what has been said around this table, I won't do that today, and maybe I'll get credit! [Laughter] I would conclude on the policy issue that we s...
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I support your recommendation and applaud the brevity. And I hope that it will be imitated by all.
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President Jordan.
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I support the recommendation.
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Governor Ferguson.
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I support your recommendation and will put aside my two-hour speech. [Laughter]
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President Minehan.
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I support the recommendation. I was intrigued by the conversation on the perfect foresight model because I am a bit concerned that we keep aiming the baseline of policy at an outcome that, to me anyway, has a little too much excess capacity for too long a period of time. But I was very taken with President Poole's and ...
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President Poole.
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Mr. Chairman, I support your recommendation, and I promise that I will never reveal that I observed the Chairman speechless on one occasion. [Laughter]
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Governor Kohn.
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I agree with your recommendation, Mr. Chairman.
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President Hoenig.
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Mr. Chairman, I thought your comments were brilliant today, and I support you. [Laughter]
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I compliment you. President Moskow.
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I agree with your comments, Mr. Chairman. I hope the General Counsel doesn't object to your change in procedure at this meeting.
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President Stern.
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I, too, support your recommendation. My only concern is whether you intend to bank that hour and a half that you didn't use! [Laughter]
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President Santomero.
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I support your recommendation, Mr. Chairman.
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President Broaddus.
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I support your recommendation, Mr. Chairman. Following up on the exchange between Bob Parry and Dave Stockton, I do worry a little about the disconnect between our policy assumption and market expectations. So if there were an opportunity in the statement to recognize that, with a term or a phrase, it might help to bri...
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President Guynn.
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I agree as well, Mr. Chairman.
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Governor Bies.
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I agree with you, Mr. Chairman. And following up on other comments, maybe you didn't bank your minutes, but we don't know if you have rollover minutes for the next time.
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President Parry.
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I agree.
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President McTeer.
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I support your recommendation, applaud your brevity, and can say from personal experience that you'll get no credit for it. [Laughter]
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Governor Bernanke.
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I support your recommendation, Mr. Chairman. If your brevity is going to be a habit, though, I would like to get my tuition back. [Laughter]
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President Parry.
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I agree again. [Laughter]
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I meant to say Governor Gramlich.
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I'm glad I get at least one vote. [Laughter]
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Governor Olson.
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I support.
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Do I have everybody? Read the appropriate language, please.
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The language is on page 11 of the Bluebook: "The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with ...
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Call the roll, please.
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Chairman Greenspan Yes Vice Chairman McDonough Yes Governor Bernanke Yes Governor Bies Yes Governor Ferguson Yes Governor Gramlich Yes President Jordan Yes Governor Kohn Yes President McTeer Yes Governor Olson Yes President Santomero Yes President Stern Yes
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Would you pass around the proposed statement?
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I think silence indicates approval, Mr. Chairman.
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Is it okay with everybody? Vincent Reinhart, you wanted to make a comment?
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I just wanted to note that by our next scheduled meeting, the Federal Reserve System will have in place a new discount window facility. As the Lombard facility has been thirty years in the making, I wanted to remind the Presidents that the Reserve Banks should indicate to Jennifer Johnson by this Friday how they intend...
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And our next meeting is scheduled for?
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January 28 and 29.
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It's January 28 and 29. With that we adjourn for lunch and hopefully we will launch our retiring President on a major new venture.
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Good afternoon, everybody. I have a welcome for Sandy Pianalto. Since she will not officially be a Reserve Bank President for a number of days, we will put your welcome in escrow, and you may withdraw it at the appropriate time.
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Thank you.
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As you all know, this is the organizational meeting for the year. Accordingly, I will turn the proceedings over to Governor Ferguson.
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Thank you very much. As all of you know, maybe with the exception of Sandy, the reason I have the floor now is to organize the election of a Chairman and a Vice Chairman of this Committee to serve until our first meeting of 2004. So, let me open the floor for nominations for the positions of Chairman and Vice Chairman ...
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Governor Ferguson, as the Speaker of the House will say tonight, I have the great privilege and high honor of nominating Alan Greenspan to be Chairman and William J. McDonough to be Vice Chairman of this Committee.
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All right, those sound like two credible nominees. [Laughter] Are there any other nominations? Assuming not, could I have a vote? All in favor say "aye." ALL. Aye.
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Sounds as if it's unanimous. Congratulations yet again to you both.
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The next item on the agenda, if I can find it, should be the vote for our staff officers. Do you have the list to read?
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Yes, Mr. Chairman. Secretary and Economist Vincent Reinhart Deputy Secretary Normand Bernard Assistant Secretaries Michelle Smith Gary Gillum General Counsel Virgil Mattingly Deputy General Counsel Thomas Baxter Economists Karen Johnson David Stockton Associate Economists From the Board Thomas Connors David Howard Davi...
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Without objection, so be it. Would somebody like to move the selection of the Federal Reserve Bank of New York to execute transactions for the System Open Market Account?
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I'll move the selection of the Federal Reserve Bank of New York.
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Second. [Laughter]
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Conflict of interest!
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Maybe for the record somebody else should second the motion. SEVERAL. I'll second.
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I appreciate the revision. Approved without objection. I would assume and hope that there is no objection to the incumbent Manager of the System Open Market Account, Dino Kos, continuing in that position. Without objection. Thank you very much. Mr. Kos, would you quickly review your memorandum on the Authorization for ...
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Thank you, Mr. Chairman. As this was the organizational meeting I thought I would propose a couple of housekeeping items for the domestic authorization and the "guidelines" for operations in federal agency issues, which go along with the authorization. I would just say a few words on each. I am proposing that the Commi...
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Questions? If not, would somebody like to move it?
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Move approval, Mr. Chairman.
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This is the domestic authorization, right?
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Yes.
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It's really a necessary technical correction.
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Any objection? Given no objections, it is approved.
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Thank you. The second item has to do with the Guidelines for the Conduct of System Operations in Federal Agency Issues. In August 1999, the Committee suspended four paragraphs of these guidelines. Prior to that action, the guidelines had not been amended since 1977. In that year, agency issues were a large and actually...
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Questions?
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This may sound a little silly, but if we eliminate paragraphs 3 through 6, what are paragraphs 1 and 2 doing for you?
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Well, you ask a good question. In fact, the proposal brought to the Committee in 1999 was to repeal the entire set of guidelines. As I understand it, there was a view in the Committee that the first two paragraphs provided a sense of how the Committee felt about federal agency issues. Retaining those two paragraphs did...
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Well, just as a matter of housekeeping, I would suggest that when you review the authorization next time--not this time but next year--you might see if you could add a sentence or two to the authorization that conveys the sense of those two paragraphs. If that could be put in the authorization, then we wouldn't need th...
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Further questions on this issue? If not, would somebody like to move approval?
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Move approval of eliminating paragraphs 3 though 6 of the guidelines.
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Is there a second?
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Second.
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Discussion? All in favor? SEVERAL. Aye.
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Opposed? Approved without objection.
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Finally, the third item is a proposal to renew without amendment the Foreign Currency Authorization, the Foreign Currency Directive, and the Procedural Instructions with Respect to Foreign Currency Operations.
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Questions?
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I'm not going to make another speech about intervention, Mr. Chairman, but I guess I will respectfully do my tri-annual "no" vote on the foreign currency instruments. If anything, I think we have obtained increased credibility in this Committee, and I am even more strongly against our taking intervention actions now th...
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I'd merely like to state that we've had virtually no intervention--in fact I don't recall any--in the recent past. You may remember that the issue had to do with the Secretary of the Treasury and his willingness to accept our general view as to how intervention works and its impact on markets. That view has generally b...
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Move approval.
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Is there a second? SEVERAL. Second.
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All in favor say "aye." SEVERAL. Aye.
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Opposed?
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No.
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You all received a memorandum on the Program for Security of FOMC Information. Does anybody have any questions relevant to that? If not, would somebody like to move the revisions?
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Move approval.
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Is there a second?
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