February 2–3 · Published April 1, 1999
Statement·Presser·Minutes·Policy
AGAlan GreenspanFebruary 2–3, 1999 FOMC Minutes
Vote
- Boehne
- Roger W. Ferguson, Jr.
- Edward M. Gramlich
- Alan Greenspan
- Edward W. Kelley, Jr.
- William J. McDonough
- Robert D. McTeer, Jr.
- Laurence H. Meyer
- Michael H. Moskow
- Alice M. Rivlin
- Stern
From the minutes
FOMC minutes
2 Attended portions of meeting relating to the examination of the System Open Market Account and changes to the domestic securities lending program.
3 Attended portions of meeting relating to the discussion of the Committee's consideration of its monetary and debt ranges for 1999.
4 Attended portion of meeting relating to the Committee's review of the economic outlook and consideration of its monetary and debt ranges for 1999.
5 Mr. Jamie B. Stewart, Jr., incoming First Vice President of the Federal Reserve Bank of New York, took his oath of office as alternate member for Mr. McDonough on February 18, 1999.
What changed from the previous meeting’s minutes
- The FOMC formally adopted the 1999 monetary and debt growth ranges previously set on a tentative basis in July 1998.
- The directive's description of the economy changed from "brisk pace" to "expanded rapidly in the closing months of 1998."
- The unemployment rate cited in the directive fell from 4.4 percent to 4.3 percent.
- The dollar's trade-weighted value was described as depreciating against major currencies but appreciating against a broader group of trading partners.
- The FOMC discussed sunset legislation terminating Humphrey-Hawkins report requirements and agreed the reports should continue.
- A notation vote approved an off-market sale of $4.8 billion equivalent of euro reserves to the Exchange Stabilization Fund.
Summary generated automatically from the two documents.