[Federal Register Volume 71, Number 112 (Monday, June 12, 2006)]
[Notices]
[Page 33751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-9047]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of May 
10, 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 May 10, 2006.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
Meeting on May 10, 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 5 
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, June 2, 2006.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
 [FR Doc. E6-9047 Filed 6-9-06; 8:45 am]
BILLING CODE 6210-01-P