[Federal Register Volume 65, Number 88 (Friday, May 5, 2000)]
[Notices]
[Page 26207]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 00-11260]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
February 1-2, 2000

    In accordance with Sec. 71.5 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 1-2, 2000.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
meeting of February 1-2, 2000, 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 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 2 to 6 percent respectively, measured from the fourth 
quarter of 1999 to the fourth quarter of 2000. The range for growth of 
total domestic nonfinancial debt was set at 3 to 7 percent for the 
year. The behavior of the monetary aggregates will continue to be 
evaluated in the light of movements in their velocities and 
developments in prices, the economy, and financial markets.
    To further the Committee's long-run objectives of price stability 
and sustainable economic growth, the Committee in the immediate future 
seeks conditions in reserve markets consistent with increasing the 
federal funds rate to an average of around 5\3/4\ percent.

    By order of the Federal Open Market Committee, May 1, 2000.
Normand Bernard,
Deputy Secretary, Federal Open Market Committee.
[FR Doc. 00-11260 Filed 5-4-00; 8:45 am]
BILLING CODE 6210-01-P