September 21 · Published November 19, 1993
Statement·Presser·Minutes
AGAlan GreenspanSeptember 21, 1993 FOMC Minutes
Vote
- Wayne D. Angell
- Boehne
- Alan Greenspan
- Silas Keehn
- Edward W. Kelley, Jr.
- John P. LaWare
- Lawrence B. Lindsey
- William J. McDonough
- Robert D. McTeer, Jr.
- David W. Mullins, Jr.
- Susan M. Phillips
- Stern
From the minutes
FOMC minutes
It was agreed that the next meeting of the Committee would be held on Tuesday, November 16, 1993.
The meeting adjourned at 12:35 p.m.
During the intermeeting period, available members participated in three telephone conference calls to discuss issues relating to the release of information about discussions at Federal Open Market Committee meetings. These calls were prompted by hearings on such issues that were held by the House Committee on Banking, Finance, and Urban Affairs. The discussions took into account information that unedited transcripts for meetings since early 1976 were maintained by the FOMC secretariat at the Board of Governors. The members did not reach any decisions on these matters during these conferences. In the course of two further telephone conferences during the intermeeting period, the Committee reviewed economic and financial developments affecting Mexico and discussed various contingencies that might involve the Federal Reserve.
Donald L. Kohn Secretary
What changed from the previous meeting’s minutes
- The dollar depreciated substantially against other G-10 currencies, versus about unchanged previously.
- M3 turned up in August after declining in June and July, instead of contracting further.
- Unemployment rate fell to 6.7 percent in August from 6.8 percent in July.
- Members noted equity prices high relative to earnings, a concern absent from prior minutes.
- Committee held three telephone conferences on FOMC transcript release issues, a new development.
- Staff projection now expected M2 and M3 growth over the balance of the year, not just M2.
Summary generated automatically from the two documents.