[Federal Register Volume 68, Number 129 (Monday, July 7, 2003)]
[Notices]
[Page 40266]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-17032]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of May 
6, 2003

    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 May 6, 2003.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
meeting on May 6, 2003, which includes the domestic policy directive 
issued at the 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. To further its long-run objectives, the Committee in 
the immediate future seeks conditions in reserve markets consistent 
with maintaining the federal funds rate at an average of around 1\1/4\ 
percent.
    By order of the Federal Open Market Committee, June 30, 2003.

Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
[FR Doc. 03-17032 Field 7-3-03; 8:45 am]
BILLING CODE 6210-01-S