[Federal Register: June 6, 2005 (Volume 70, Number 107)]
[Notices]               
[Page 32772-32773]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr06jn05-29]                         

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FEDERAL RESERVE SYSTEM

 
Federal Open Market Committee; Domestic Policy Directive of May 
3, 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\
    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 3 
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

[[Page 32773]]

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, May 26, 2005.
Vincent R. Reinhart,
Secretary, Federal Open Market Committee.
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    \1\ Copies of the Minutes of the Federal Open Market Committee 
Meeting on May 3, 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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[FR Doc. 05-11130 Filed 6-3-05; 8:45 am]

BILLING CODE 6210-01-P