[Federal Register Volume 66, Number 202 (Thursday, October 18, 2001)]
[Notices]
[Page 52922]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-26304]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
August 21, 2001

    In accordance with Sec. 271.25 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 August 21, 2001. Subsequently, that domestic policy 
directive was amended at a telephone conference meeting held on 
September 17, 2001.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
meeting of August 21, 2001, which include the domestic policy 
directive issued at that meeting and the subsequent amendment, 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. To further its long-run objectives, the Committee in 
the immediate future seeks conditions in reserve markets consistent 
with reducing the federal funds rate to an average of around 3-1/2 
percent.
    On September 17, 2001, the Committee reduced the intended federal 
funds rate by a further 1/2 percentage point to an average of around 3 
percent.
    By order of the Federal Open Market Committee, October 12, 2001.

Donald L. Kohn,
Secretary, Federal Open Market Committee.
[FR Doc. 01-26304 Field 10-17-01; 8:45 am]
BILLING CODE 6210-01-S