[Federal Register Volume 71, Number 205 (Tuesday, October 24, 2006)]
[Notices]
[Page 62260]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E6-17771]


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FEDERAL RESERVE SYSTEM


Federal Open Market Committee; Domestic Policy Directive of 
September 20, 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 August 8, 2006.\1\
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
Meeting on August 8, 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 maintaining the federal funds rate to an average of around 5\1/4\ 
percent.
    The vote encompassed approval of the paragraph below for inclusion 
in the statement to be released shortly after the meeting:

    ``Nonetheless, the Committee judges that some inflation risks 
remain. The extent and timing of any additional firming that may be 
needed to address these risks will depend on the evolution of the 
outlook for both inflation and economic growth, as implied by 
incoming information.''

    By order of the Federal Open Market Committee, October 13, 2006.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
 [FR Doc. E6-17771 Filed 10-23-06; 8:45 am]
BILLING CODE 6210-01-P