[Federal Register Volume 59, Number 62 (Thursday, March 31, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-7625]


[[Page Unknown]]

[Federal Register: March 31, 1994]


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FEDERAL RESERVE SYSTEM

 

Federal Open Market Committee; Domestic Policy Directive of 
February 3-4, 1994

    In accordance with Sec.  271.5 of its Rules Regarding Availability 
of Information (12 CFR part 271), there is set forth below the domestic 
policy directive issued by the Federal Open Market Committee at its 
meeting held on February 3-4, 1994.\1\ The directive was issued to the 
Federal Reserve Bank of New York as follows:
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
meeting of February 3-4, 1994, which include the domestic policy 
directive issued at that meeting, are available upon request to the 
Board of Governors of the Federal Reserve System, Washington, D.C. 
20551. The minutes are published in the Federal Reserve Bulletin and 
in the Board's annual report.
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    The information reviewed at this meeting indicates a strong advance 
in economic activity during the closing months of 1993, and the limited 
data available for the early weeks of this year suggest appreciable 
further gains. The January labor market data were complicated by 
statistical revisions and weather-related reporting problems; however, 
a variety of indicators pointed convincingly to a continuing expansion 
of employment. Industrial production increased sharply in the fourth 
quarter and appears to have risen considerably further in January. 
Consumer spending and housing activity posted solid gains in late 1993, 
and strong sales of motor vehicles in January suggested continued 
buoyancy in consumer demand. Trends in contracts and orders point to 
further sizable gains in business fixed investment. The average nominal 
U.S. merchandise trade deficit in October-November was about the same 
as its average rate in the third quarter. Over the latter part of 1993, 
increases in broad indexes of consumer and producer prices, excluding 
their food and energy components, were somewhat larger than earlier in 
the year and prices of a number of commodities also turned up recently.
    Most market interest rates have declined slightly since the 
Committee meeting on December 21, 1993. In foreign exchange markets, 
the trade-weighted value of the dollar in terms of the other G-10 
currencies is about unchanged over the intermeeting period.
    Growth of M2 and M3 was relatively slow over December and January. 
From the fourth quarter of 1992 to the fourth quarter of 1993, M2 and 
M3 are estimated to have grown at rates slightly above the lower ends 
of the Committee's ranges for the year. Private borrowing has picked up 
in recent months and total domestic nonfinancial debt expanded at a 
moderate rate in the fourth quarter; for the year, nonfinancial debt is 
estimated to have increased at a rate in the lower half of the 
Committee's monitoring range.
    The Federal Open Market Committee seeks monetary and financial 
conditions that will foster price stability and promote sustainable 
growth in output. In furtherance of these objectives, the Committee at 
this meeting established ranges for growth of M2 and M3 of 1 to 5 
percent and 0 to 4 percent respectively, measured from the fourth 
quarter of 1993 to the fourth quarter of 1994. The Committee 
anticipated that developments contributing to unusual velocity 
increases could persist during the year and that money growth within 
these ranges would be consistent with its broad policy objectives. The 
monitoring range for growth of total domestic nonfinancial debt was set 
at 4 to 8 percent for the year. The behavior of the monetary aggregates 
will continue to be evaluated in the light of progress toward price 
level stability, movements in their velocities, and developments in the 
economy and financial markets.
    In the implementation of policy for the immediate future, the 
Committee seeks to increase slightly the existing degree of pressure on 
reserve positions. In the context of the Committee's long-run 
objectives for price stability and sustainable economic growth, and 
giving careful consideration to economic, financial, and monetary 
developments, slightly greater reserve restraint or slightly lesser 
reserve restraint might be acceptable in the intermeeting period. The 
contemplated reserve conditions are expected to be consistent with 
moderate growth in M2 and M3 over the first half of 1994.
    By order of the Federal Open Market Committee, March 25, 1994.
Normand Bernard,
Deputy Secretary, Federal Open Market Committee.
[FR Doc. 94-7623 Filed 3-30-94; 8:45 a.m.]
BILLING CODE 6210-01-F
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FEDERAL RESERVE SYSTEM
Southside Financial Group, Inc., et al.; Formations of; 
Acquisitions by; and Mergers of Bank Holding Companies

    The companies listed in this notice have applied for the Board's 
approval under section 3 of the Bank Holding Company Act (12 U.S.C. 
1842) and Sec.  225.14 of the Board's Regulation Y (12 CFR 225.14) to 
become a bank holding company or to acquire a bank or bank holding 
company. The factors that are considered in acting on the applications 
are set forth in section 3(c) of the Act (12 U.S.C. 1842(c)).
    Each application is available for immediate inspection at the 
Federal Reserve Bank indicated. Once the application has been accepted 
for processing, it will also be available for inspection at the offices 
of the Board of Governors. Interested persons may express their views 
in writing to the Reserve Bank or to the offices of the Board of 
Governors. Any comment on an application that requests a hearing must 
include a statement of why a written presentation would not suffice in 
lieu of a hearing, identifying specifically any questions of fact that 
are in dispute and summarizing the evidence that would be presented at 
a hearing.
    Unless otherwise noted, comments regarding each of these 
applications must be received not later than April 25, 1994.
    A. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Southside Financial Group, Inc., Fayetteville, Georgia, to 
become a bank holding company by acquiring 100 percent of the voting 
shares of Citizens Bank and Trust of Fayette County, Fayetteville, 
Georgia.
    B. Federal Reserve Bank of St. Louis (Randall C. Sumner, Vice 
President) 411 Locust Street, St. Louis, Missouri 63166:
    1. Union Planters Corporation, Memphis, Tennessee, to acquire 100 
percent of the voting shares of Earle Bankshares, Inc., Earle, 
Arkansas, and thereby indirectly acquire First Southern Bank, Earle, 
Arkansas.

    Board of Governors of the Federal Reserve System, March 25, 
1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-7624 Filed 3-30-94; 8:45 am]
BILLING CODE 6210-01-F
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FEDERAL RESERVE SYSTEM
 Shuratt Whitworth; Change in Bank Control Notice

Acquisition of Shares of Banks or Bank Holding Companies

    The notificant listed below has applied under the Change in Bank 
Control Act (12 U.S.C. 1817(j)) and Sec.  225.41 of the Board's 
Regulation Y (12 CFR 225.41) to acquire a bank or bank holding company. 
The factors that are considered in acting on notices are set forth in 
paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).
    The notice is available for immediate inspection at the Federal 
Reserve Bank indicated. Once the notice has been accepted for 
processing, it will also be available for inspection at the offices of 
the Board of Governors. Interested persons may express their views in 
writing to the Reserve Bank indicated for the notice or to the offices 
of the Board of Governors. Comments must be received not later than 
April 20, 1994.
    A. Federal Reserve Bank of Atlanta (Zane R. Kelley, Vice President) 
104 Marietta Street, N.W., Atlanta, Georgia 30303:
    1. Shuratt Whitworth, Lavonia, Georgia, to retain 30 percent of the 
voting shares of First Security Bankshares, Inc., Lavonia, Georgia, and 
thereby indirectly acquire Northeast Georgia Bank, Lavonia, Georgia.

    Board of Governors of the Federal Reserve System, March 25, 
1994.
Jennifer J. Johnson,
Associate Secretary of the Board.
[FR Doc. 94-7625 Filed 3-30-94; 8:45 am]
BILLING CODE 6210-01-F