[Federal Register Volume 70, Number 81 (Thursday, April 28, 2005)]
[Notices]
[Page 22045]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-8491]



[[Page 22045]]

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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of March 
22, 2005

    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 March 22, 2005.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
Meeting on March 22, 2005, 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, DC 
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 increasing the Federal funds rate to an average of around 23/4 
percent.
    The vote encompassed approval of the paragraph below for inclusion 
in the statement to be released shortly after the meeting:
    ``The Committee perceives that, with appropriate monetary policy 
action, the upside and downside risks to the attainment of both 
sustainable growth and price stability should be kept roughly equal. 
With underlying inflation expected to be contained, the Committee 
believes that policy accommodation can be removed at a pace that is 
likely to be measured. Nonetheless, the Committee will respond to 
changes in economic prospects as needed to fulfill its obligation to 
maintain price stability.''

    By order of the Federal Open Market Committee, April 19, 2005.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
[FR Doc. 05-8491 Filed 4-27-05; 8:45 am]
BILLING CODE 6210-01-P