Minutes of the Federal Open Market Committee

Central Banking staff
11 Nov 2002

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MINUTES - The Federal Reserve on 7 November released the minutes of its FOMC meeting of 24 September. Gramlich and McTeer dissented from the vote to hold rates constant, preferring to ease monetary policy at this meeting. The Committee believed that the risks continue to be weighted mainly toward conditions that may generate economic weakness in the foreseeable future. At the meeting the committee voted unanimously to authorise Vice Chairman McDonough to accept the "Decoration of Merit"

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