[Federal Register Volume 71, Number 83 (Monday, May 1, 2006)]
[Notices]
[Page 25590]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-6492]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of March 
27 and 28, 2006

    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 27 and 28, 2006.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
Meeting on March 27 and 28, 2006, 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 4\3/4\ 
percent.
    The vote encompassed approval of the paragraph below for inclusion 
in the statement to be released shortly after the meeting:
    ``The Committee judges that some further policy firming may be 
needed to keep the risks to the attainment of both sustainable economic 
growth and price stability roughly in balance. In any event, the 
Committee will respond to changes in economic prospects as needed to 
foster these objectives.''

    By order of the Federal Open Market Committee, April 20, 2006.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
[FR Doc. E6-6492 Filed 4-28-06; 8:45 am]
BILLING CODE 6210-01-P