A senior official of the Federal Reserve Bank of New York discusses developments in the financial and foreign exchange markets, along with the details of the activities of the New York Fed’s Domestic and Foreign Trading Desks since the previous FOMC meeting. Senior staff from the Board of Governors present their economic and financial forecasts. Governors and Reserve Bank presidents (including those currently not voting) present their views on the economic outlook. The BOG’s director of monetary affairs discusses monetary policy options, without making a policy recommendation. The FOMC members, beginning with the chairman, discuss their policy preferences. The FOMC votes.

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